Private Banking Header Image

COVID-19 Resources for Businesses  

No matter what happens due to COVID-19 we are committed to helping your business.

 

power_rate3.51
Paycheck Protection Program


If your business has been impacted by COVID-19, we are here to help. Cornhusker Bank is here to help your business navigate the COVID-19 loan relief options. The Paycheck Protection Program, part of the new CARES Act stimulus package, is a federal SBA loan program aimed at helping small businesses that have been seriously impacted by COVID-19.

The Paycheck Protection Program features include:

  • Use for Payroll Expenses, Employee Salaries, Mortgage Interest, Rent, Utilities, and Interest on Debt incurred prior to February 15, 2020.
  • The loan amount will be determined based on the business’s average monthly payroll times 2.5 up to a maximum of $10 million. However, there are specific rules to follow in calculating the average monthly payroll and we encourage you to contact us to answer your questions.
  • Interest rate will be fixed at 1%.
  • Maturity of 2 years.
  • First payment deferred for 6 months.
  • Up to 100% of the principal amount of the loan may be forgiven if you use the proceeds on qualifying expenses.
  • Generally, small businesses with 500 or fewer employees that were in operation prior to February 15, 2020 are eligible to apply for this loan. Please contact us if you have questions regarding your eligibility.

Please contact your relationship manager at Cornhusker Bank about this program.
 

 

Comparison of COVID-19 Loan Programs

Payroll Protection Program(PPP) & Economic Injury Disaster Loans(EIDL)

 
 

 

Comparison of COVID-19 Unemployment Programs

Unemployment Insurance, Short-time Compensation(STC) and Pandemic Unemployment Insurance

 
 

 

Support and Assistance

The Cornhusker Bank team is here and ready to help you through the COVID-19 pandemic, with a continued commitment to your success. We understand the current impact to commercial and small businesses, owners and employees is unprecedented. As your bank, we stand with you and we are prepared to assist with COVID-19 related impacts where possible. There are a variety of ways you can get the assistance you need:

  • Bank personnel will continue to be available during normal business hours via phone or email.
  • Our Customer Support Team is available at 402-434-2265 to assist you. They can also direct you to the appropriate department for more in-depth needs.
  • Contact us at customerservice1@CornhuskerBank.com.
  • Live online chat during regular business hours.
  • Business Banking Online will continue to be available per usual for all of your online banking needs.

SBA’s Economic Injury Disaster Loan Assistance Program

The SBA’s Economic Injury Disaster Loan assistance is now available to businesses in Nebraska. Businesses can complete an application at https://disasterloan.sba.gov/ela/. For additional SBA information visit: www.sba.gov.

SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. These loans may be used to pay fixed debt payments, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.

Key terms:

  • Interest rate of 3.75% for small businesses and 2.75% for non-profits (please note some non-profit companies are not SBA eligible).
  • SBA offers loans with long-term repayments, up to a maximum of 30 years.
  • Loan amounts will be determined based on various factors, including the economic injury as determined by SBA.
  • Approval is primarily determined based on the credit score of the principals.
  • Collateral is required for all loans > $25,000.

Businesses will need to provide the following during the application process:

  • IRS Form 4506T (available through online application).
  • Most recent Federal Income Tax Return (including all schedules) for the business, all principals, general partners or managing member, and affiliates.
  • Schedule of Liabilities.
  • Personal Financial Statement.

 

Manage your Accounts Online

With social distancing in practice, it’s important to enroll your business in online banking and payment tools.

 

Payments, Deposits and More

Wherever you are, there are ways you can make and receive payments, deposit money to your accounts or get cash.

If you are looking for other solutions that make it easier to run your business from home, we have options that can help — like the business mobile app, mobile deposits, and Bill Pay, just to name a few.

We apologize for any inconvenience these closures may cause, and we appreciate your patience during this time.

 
 

 

For updates on COVID-19, visit the Centers of Disease Control and Prevention (CDC)

 
 

 

Stay Connected With Us