To Our Customers & Community Regarding the CARES Act
Georgia Community Bank will be participating in the Paycheck Protection Program, which is a part of the CARES Act recently signed into law. Through this program, we will be able to provide a loan for your business to cover expenses that will allow you to pay your employees and other items such as rent, interest, and utilities. Proceeds used for the purposes outlined in the program, are potentially eligible for 100% forgiveness. Loan amounts will be based on 2.5 times average monthly payroll costs, generally measured over the 12 months prior to the loan being made. This loan has a maturity of 2 years with an interest rate of 1%.
Banks are expecting applications and guidance from the SBA in the next few days. At that time, we will be ready to assist you with this process. We are committed to helping you keep your employees paid and keeping your businesses viable over the long term.
To get a jump on the process, we suggest you begin gathering the following:
Evidence of payroll costs over the last twelve months (including payments for retirement benefits, insurance, and other costs).
2019 year end and current 2020 Income Statement and Balance Sheet.
Last three years business tax returns, including K-1s and personal tax returns on anyone owning more than twenty percent of business.
Please contact your local banking office for further information and to be added to our list of interested businesses. Your local banker will provide you all you need when the program is rolled out and answer any questions you may have now. We are committed to making this an easy process for you and look forward to working with you.
For more information on the Payroll Definition, please click here.