Paycheck Protection Program Loan

We are not currently participating in the newest round of the Paycheck Protection Program launched on Jan 11th. If you applied on or before June 26, 2020, you can still sign in and check the status of your application

 

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If you are applying for a second draw

  • Your business has fewer than 300 employees
  • You can show a 25% revenue reduction during the first, second, third, or fourth quarter of 2020 relative to the same quarter in 2019

If you own a restaurant, hotel, or live venue that falls under a NAICS code starting with “72,” you can apply for 3.5 times your monthly payroll costs for your Second Draw.

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How Can You Use Your Paycheck Protection Program Loan?

  • Payroll costs
  • Healthcare costs related to the continuation of group healthcare benefits during periods of sick, medical, or family leave, as well as insurance premiums.
  • Mortgage interest payments (but not prepayment or payment of the mortgage principal)
  • Rent
  • Utilities
  • Interest on any other debt obligations incurred before February 15, 2020
  • Refinancing an SBA EIDL received between January 31, 2020 and April 3, 2020
  • Covered expenditures such as business software or cloud computing services that facilitate:
    • business operations
    • product or service delivery
    • the processing, payment or tracking or payroll expenses, human resources, sales, and billing functions
    • accounting or tracking of supplies, inventory, records, or expenses
  • Covered property damage costs
  • Covered supplier costs
  • Covered worker protection expenditures
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How to earn loan forgiveness

You may be eligible to have all or a portion of the loan principal and interest forgiven if you use the funds for certain qualifying costs incurred and payments made for payroll, mortgage interest, rent and utilities during the first eight weeks following the date the loan is made. You will have to provide documentation.

Because the SBA expects a high number of applicants for PPP loans, no more than 40% of the forgiven amount can be for non-payroll costs (i.e., mortgage interest, rent, and utilities). If your business has laid off employees, that will also affect how much your loan can be forgiven. The total effect on your PPP loan’s forgiveness-eligibility depends on a calculation that your funding manager can walk you through to give you the specific answer for your business.

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Our Story Organized in May of 1886, Citizens Bank is the oldest incorporated bank in Crawford County and one of the oldest in the State of Arkansas. Founded by an attorney named B.J. Brown The Board of Directors of Vista Bancorporation, the one bank holding company of Citizens Bank & Trust Company, in 1994 announced their agreement to merge with First Bank Corporation of Fort Smith, a bank holding company whose members include First National Bank of Fort Smith and National Bank of Sallisaw in Sallisaw, Oklahoma. As the bank prepares for the future, it is dedicated and committed to the values of its past. The bank’s commitment is to treat its customers fairly, practice its profession with integrity, and be a leading corporate citizen. This has enabled the bank’s success for over 125 years. Our Mission “We are in business to make our customers successful. As a financial ally, we will offer products, service and expertise through a customer-focused effort. Any success the Bank enjoys will depend upon the success of our customers.”