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COVID-19 Resources

 

State Bank is committed to informing our customers and community about the latest COVID-19 financial assistance programs.  

Review the resources below to learn more about the precautions State Bank is taking to protect our customers and the various programs available to you. We will continue to update this page as more information becomes available.
 

State Bank Lobby Guidelines
Stimulus Checks
Paycheck Protection Program (PPP)
 

State Bank Lobby/Mask Guidelines

State Bank follows the State of Illinois and CDC’s most recent masking guidelines.

  • If you are fully vaccinated, you need not wear a mask at State Bank unless you choose to do so.
  • If you are not fully vaccinated, we ask that you continue to wear a mask while at State Bank to protect the health and safety of our customers and bankers.

We appreciate your cooperation and thank you for your business!


Stimulus Checks

Q. When will I get my third stimulus payment?
A. This week, Congress passed another COVID relief bill, the American Rescue Plan.  The bill was signed into law on Thursday, March 11, and we expect stimulus payments to arrive at State Bank periodically in the weeks thereafter.  State Bank is not able to determine what date your payment will reach your account.  We will apply your stimulus payment to your account no later than 4:00 p.m. on the day it is received.

To help track your payment, you can set up deposit notifications using State Bank online banking or the State Bank mobile app.  To set up a deposit alert in mobile banking, choose the account where your Economic Impact Payment will be deposited from your main mobile banking screen. Choose the Settings option, and then choose Alert Preferences.  Choose Add Alert under the Transaction Alerts section.  Edit the alert settings to notify you via email, text, or in-app message when a credit added to your account is over the dollar amount of your choice.  When complete, choose Add Alert.  To set up a deposit alert in online banking, choose Settings from the top menu options, then choose Alerts.  Choose Events, then find incoming ACH Credits.  Click the check box to choose whether you would like your alert delivered by email, text, or via an online banking login alert message.  When done, click Submit. 

Q. Will I receive a second stimulus check?
A. In December 2020, Congress passed a new COVID relief package that includes stimulus checks to individuals. Individuals who made up to $75,000 in 2019 will receive $600. Married couples who earned up to $150,000 will receive $1,200. Filers listed as "head of household" and who earned $112,500 or less will also get $600. Families will receive an additional $600 for each dependent under 18 in the household. 

Q. When will I get my Economic Impact Payment?
A. Economic Impact Payments will be arriving at State Bank periodically over the next couple of weeks.  The first round of Economic Impact Payments will reach State Bank by January 4, 2021.  If you receive one of these first round direct deposits, funds will be posted to your account no later than 4:00 p.m. on January 4.  Future rounds of payments will be posted to State Bank accounts no later than 4:00 p.m. on their effective date. State Bank is not able to determine what date your payment will reach your account.  

To help track your payment, you can set up deposit notifications using State Bank online banking or the State Bank mobile app.  To set up a deposit alert in mobile banking, choose the account where your Economic Impact Payment will be deposited from your main mobile banking screen. Choose the Settings option, and then choose Alert Preferences.  Choose Add Alert under the Transaction Alerts section.  Edit the alert settings to notify you via email, text, or in-app message when a credit added to your account is over the dollar amount of your choice.  When complete, choose Add Alert.  To set up a deposit alert in online banking, choose Settings from the top menu options, then choose Alerts.  Choose Events, then find incoming ACH Credits.  Click the check box to choose whether you would like your alert delivered by email, text, or via an online banking login alert message.  When done, click Submit. 

Q. Can I track my payment?
You can view your payment status at the IRS Economic Impact Payments website by clicking the "Get My Payment" button. 

Q. My direct deposit information has changed.  How do I update my information?
A. You can update your direct deposit information at the IRS Economic Impact Payments website.


Paycheck Protection Program (PPP)

PPP Update - February 8, 2021

 

Updated PPP Applications - Effective January 8, 2021

First Draw PPP Loan Application
Second Draw PPP Loan Application


January 9, 2021

The Small Business Administration has released updated applications for both First Draw and Second Draw PPP Loans.  State Bank will be ready to accept your application materials at any time, however, the SBA still has not indicated when they will begin processing applications.  Although we are unsure when we can start submitting applications to the SBA, we still encourage you to start compiling your application materials.  A reminder of the Second Draw PPP Loan application process is included below.  If you are applying for a First Draw PPP Loan, please contact a State Bank lender at sbfreliefapp@statebankfreeport.com to begin the process. 

The Second Draw PPP Loan application process at State Bank is as follows:

  1. Access the SBA Paycheck Protection Program Second Draw Loan Application (SBA Form 2483-SD).
  2. Complete the application in its entirety. 
  3. Compile tax documents used to support your requested loan amount and prove your 25% decline in gross receipts.  Loan requests must be substantiated with tax documentation per the application.  
    1. If you are a returning State Bank PPP Round 1 borrower and are requesting the same loan amount as PPP Round 1, you need only provide documentation to prove your 25% decline in gross receipts. Acceptable documentation to prove a decline in gross receipts includes bank statements, tax statements, or income statements.
    2. If you are a returning State Bank PPP Round 1 borrower with NAICS Code 72 and are using the same average monthly payroll cost calculation period as Round 1, you need only provide documentation to prove your 25% decline in gross receipts.  If your loan amount is changing only because of the NAICS Code 72 3.5x multiplier, we do not need to see further documentation of your average monthly payroll costs.  Acceptable documentation to prove a decline in gross receipts includes bank statements, tax statements, or income statements.
    3. If you are a new borrower for PPP 2.0 or are a State Bank PPP Round 1 borrower using a different average monthly payroll cost calculation period, please provide the following documentation with your application:
      1. Payroll reports to reflect the timeframes used in 2019/2020
      2. Documentation proving a decline in gross receipts, including bank statements, tax statements, or income statements
      3. If you have employees (even as a partnership): IRS Form 940 or 944 for 2019 & 2020 (or each quarter if the annual forms are not available for 2020)
      4. If you are a partnership without employees:  2019 Schedule K-1 aka IRS Form 1065
      5. If you are self-employed as a sole proprietor, independent contractor, or farmer: 2019 IRS Form 1040 Schedule C or F
  4. Upon completion, you may drop your application materials off at State Bank or email sbfreliefapp@statebankfreeport.com to request a secure file upload link.  When you receive the link, click on it and follow the instructions to upload and send your application files.
    1. DO NOT SUBMIT YOUR APPLICATION UNLESS YOU ARE CONFIDENT IT HAS BEEN COMPLETED CORRECTLY AND IN ITS ENTIRETY.  If you have any questions or uncertainties regarding your application, please reach out to your lender for assistance before submitting.
  5. We will notify you if we have any questions about your application and will be in contact with you when your application has been approved by the SBA.
  6. As soon as your loan documents are ready for signature, we will contact you to coordinate a date and time to sign.

Once we receive your application materials, we will submit them to the SBA as soon as they allow.  In the meantime, please don’t hesitate to reach out to us with any questions.  We are here to help you in any way we can.  Again, for the quickest response to your inquiries, please email sbfreliefapp@statebankfreeport.com.  Thank you, once again, for your confidence and trust in State Bank!


PPP Update - January 8, 2021

 

January 8, 2021

Thank you all for your patience as we awaited Paycheck Protection Program 2.0 guidance from the Small Business Administration.  We are pleased to share the guidance has been released, but we are still waiting for the application!  Those of you who received PPP Round 1 funding through State Bank will find that State Bank’s PPP 2.0 application process remains similar to Round 1.  If you did not receive PPP Round 1 funding from State Bank, please know that we are happy to assist you with PPP 2.0 and all the information you will need to submit your application at State Bank is included in this message.  Please note: the guidance released by the SBA explains some changes to the overall program rules.  Regardless of where your PPP Round 1 funding was originated, please read the new eligibility, maximum funding, and qualifying expense information below.

Eligibility For First Draw PPP Loans (Borrowers who have never received a PPP Loan): Please contact State Bank directly at sbfreliefapp@statebankfreeport.com for further information about Round 1 PPP funding.  A lender will respond to you and will walk you through the Round 1 PPP loan process.  

Eligibility for PPP 2.0: PPP applicants seeking a second round of PPP funding (also known as Second Draw Loans) are eligible for loans up to $2 million provided they meet the following requirements:

  • Employ fewer than 300 people
  • Have used the full loan amount granted to them in their first round of PPP funding
  • Can show a 25% gross revenue decline in any 2020 quarter compared with the same quarter in 2019.  For example, if your gross receipts in Q3 2019 were $60,000 and in Q3 2020 were $35,000, you would use the following calculation to show your revenue decline:
    • Q3 2020 gross revenue - Q3 2019 gross revenue/Q3 2020 gross revenue=total decline in gross revenue
    • $35,000-$60,000/$60,000= 41.6% DECLINE QUARTER TO QUARTER 2019 TO 2020
    • You will need to prove your revenue decline with supporting documentation per the PPP 2.0 application.  Supporting documentation will most likely include copies of bank statements, tax statements, or income statements. 

Maximum Funding: Just like in PPP Round 1, PPP 2.0 applicants can calculate their maximum loan amount by multiplying 2.5x their average total monthly payroll from 2020 OR  2019.  If you choose to use your 2019 payroll costs, your loan amount would stay exactly the same as your Round 1 PPP loan and we would require no additional payroll documentation other than what is needed for 2020 to prove the 25% gross receipts reduction. Seasonal employers can calculate their loan amount in the same manner as Round 1.

  • Borrowers of a Second Draw PPP loan with NAICS Code 72 (e.g., hospitality, restaurants, hotels, etc.) are permitted to use a 3.5x multiplier of their average monthly payroll costs to calculate their maximum loan amount.
  • Sole Proprietors: Your maximum funding calculation is the same as PPP Round 1. Use your Schedule C profit from 2019 to calculate your maximum funding amount.  
  • Farmers: Your calculation is a little different; farmers will use gross receipts up to $100,000 to calculate the maximum loan amount rather than the gross profit.
    • Use gross receipts (capped at $100,000) for the operator.
    • As long as you can meet the 25% reduction guideline you’ll be eligible for Round 2 funding.
    • Additionally, farmers with employees are able to include employee wages as well.

Qualifying Expenses: The qualifying expenses on which PPP funds can be used have been expanded to include operating expenses, covered property damage, and workplace COVID protection costs. Although there are now additional qualifying expenses, you are still required to use 60% of your PPP funds on payroll costs during the covered period. 

State Bank’s PPP 2.0 application process will be very similar to the process used for Round 1 funding.  Please follow the steps below to submit your PPP 2.0 application to State Bank when it becomes available:

  1. Access the SBA Paycheck Protection Program 2.0 Loan Application (SBA Form 2483SD) when it becomes available. We will send this via email as soon as it becomes available. 
  2. Complete the application in its entirety. 
  3. Compile tax documents used to support your requested loan amount and prove your 25% decline in gross receipts.  Loan requests must be substantiated with tax documentation per the application.  
    1. If you are a returning State Bank PPP Round 1 borrower and are requesting the same loan amount as PPP Round 1, you need only provide documentation to prove your 25% decline in gross receipts. Acceptable documentation to prove a decline in gross receipts includes bank statements, tax statements, or income statements.
    2. If you are a returning State Bank PPP Round 1 borrower with NAICS Code 72 and are using the same average monthly payroll cost calculation period as Round 1, you need only provide documentation to prove your 25% decline in gross receipts.  If your loan amount is changing only because of the NAICS Code 72 3.5x multiplier, we do not need to see further documentation of your average monthly payroll costs.  Acceptable documentation to prove a decline in gross receipts includes bank statements, tax statements, or income statements
    3. If you are a new borrower for PPP 2.0 or are a State Bank PPP Round 1 borrower using a different average monthly payroll cost calculation period, please provide the following documentation with your application:
      1. Payroll reports to reflect the timeframes used in 2019/2020
      2. Documentation proving a decline in gross receipts, including bank statements, tax statements, or income statements
      3. If you have employees (even as a partnership): IRS Form 940 or 944 for 2019 & 2020 (or each quarter if the annual forms are not available for 2020)
      4. If you are a partnership without employees:  2019 Schedule K-1 aka IRS Form 1065
      5. If you are self-employed as a sole proprietor or independent contractor without employees: 2019 IRS Form 1040 Schedule C or F
  4. Upon completion, you may drop your application materials off at State Bank or email sbfreliefapp@statebankfreeport.com to request a secure file upload link.  When you receive the link, click on it and follow the instructions to upload and send your application files.
    1. DO NOT SUBMIT YOUR APPLICATION UNLESS YOU ARE CONFIDENT IT HAS BEEN COMPLETED CORRECTLY AND IN ITS ENTIRETY.  If you have any questions or uncertainties regarding your application, please reach out to your lender for assistance before submitting.
  5. We will notify you if we have any questions about your application and will be in contact with you when your application has been approved by the SBA.
  6. As soon as your loan documents are ready for signature, we will contact you to coordinate a date and time to sign.

Our lenders are working tirelessly to prepare for a flood of loan requests, and we will begin processing them as soon as allowable. Please remember, it is imperative that all documentation is in order prior to submitting your application.  Incomplete applications may not be processed in the order they were received; time is of the essence as we work to process a large volume of applications. 

Please don’t hesitate to reach out to us with any questions regarding this process; we are here and ready to help!  For the quickest response to your questions, please email your inquiries to sbfreliefapp@statebankfreeport.com.  We thank you for your continued trust in State Bank as we work together to persevere through this challenging time. Thank you for your business and relationship!


Loan Forgiveness
State Bank will begin accepting loan forgiveness applications on August 10, 2020.  For more information about the forgiveness process, please review the resources below: