Planters Bank Updated Mon January 20, 2025 Published Under: CARES Act CARES Act Update - Payroll Protection ProgramNovember 5, 2020Planters Bank is now accepting forgiveness applications for Payroll Protection Program loans. If you are ready to complete the application following your covered period (8-weeks up to 24-weeks), please visit https://paycheckprotectionloan.plantersbankonline.com/forgiveness/apply. If you had a bookkeeper/accountant apply on your behalf for the PPP loan, please allow them to apply for forgiveness for you as well. The login will be the same as the one you created to originally apply for the loan. Please be sure you select the correct application for your particular situation. There is a 3508S Form for loans $50,000 or less, a 3508EZ Form for certain situations, and the standard application.Once we receive your application the Bank has up to 60-days to review and submit to the SBA. The SBA then has up to 90-days to review and process the application. Additionally, please note that if you received an SBA EIDL Advance, the SBA will deduct that amount from your eligible PPP loan forgiveness amount. The following documentation will be needed to complete the application and be uploaded to the website:Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees.Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period or the Alternative Payroll Covered Period:i. Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941); andii. State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state.Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the Borrower included in the forgiveness amount.Nonpayroll Items (If applicable): Documentation verifying existence of the obligations/services prior to February 15, 2020 and eligible payments from the Covered Period.Business mortgage interest payments: Copy of lender amortization schedule and receipts or cancelled checks verifying eligible payments from the Covered Period; or lender account statements from February 2020 and the months of the Covered Period through one month after the end of the Covered Period verifying interest amounts and eligible payments.Business rent or lease payments: Copy of current lease agreement and receipts or cancelled checks verifying eligible payments from the Covered Period; or lessor account statements from February 2020 and from the Covered Period through one month after the end of the Covered Period verifying eligible payments.Business utility payments: Copy of invoices from February 2020 and those paid during the Covered Period and receipts, cancelled checks, or account statements verifying those eligible payments.Documents that Each Borrower Must Maintain but is Not Required to Submit: All records relating to the Borrower’s PPP loan, including documentation submitted with its PPP loan application, documentation supporting the Borrower’s certifications as to its eligibility for a PPP loan, documentation necessary to support the Borrower’s loan forgiveness application, and documentation demonstrating the Borrower’s material compliance with PPP requirements. The Borrower must retain all such documentation in its files for six years after the date the loan is forgiven or repaid in full, and permit authorized representatives of SBA, including representatives of its Office of Inspector General, to access such files upon request.CARES Act Update - Payroll Protection ProgramAugust 7, 2020As a reminder, the acceptance of Payroll Protection Program loan application has ended. Please watch for loan forgiveness information soon for those that have received loans from this small business assistance program.CARES Act Update - Payroll Protection ProgramJuly 24, 2020According to the SBA, PPP loan forgiveness is scheduled to begin accepting submissions on August 10, 2020. This planned date is subject to extension if any new legislative amendments to the forgiveness process necessitate changes to the system. Stay tuned for more updates here. CARES Act Update - Payroll Protection ProgramJuly 6, 2020We’re thrilled to announce that with the recent extension of the program, Planters Bank is still accepting Payroll Protection Program loan applications. We continue to see the small businesses in our communities remain strong, and we’re proud to partner with them to provide additional resources like this program. Small business owners, please visit https://paycheckprotectionloan.plantersbankonline.com to apply online. We do expect to have an application available soon for Payroll Protection Program forgiveness. Until then, we’re here for you, small businesses! It is our recommendation to focus on the wellness of your business, and track your spending through your PPP covered period. Check back here for updates, and we’ll be in touch with you once forgiveness is available.CARES Act Update - Payroll Protection ProgramJune 30, 2020The application for the Payroll Protection Program is no longer available. Information is forthcoming about Payroll Protection Loan forgiveness. Please check back here for the most current information.CARES Act Update - Payroll Protection ProgramJune 18, 2020Small businesses, you are the lifeblood of our communities. As a community bank, it is our duty to support you. Today that means we continue to accept Payroll Protection Program loans. If you are a small business in need of funding for your operations, we invite you to fill out an application at https://paycheckprotectionloan.plantersbankonline.com. We will do our best to guide you through the process, and to get you the assistance you need to continue to provide your product or service to our community.CARES Act Update - Payroll Protection ProgramJune 5, 2020Due to a recently passed bill, changes are coming to the PPP forgiveness guidelines and application. Some of the changes include: – Expansion of 8-week covered period to the earlier of 24 weeks or December 31, 2020– 60% of funds borrowed must be spent on payroll (changed from 75%)– Additional exemptions for a reduction of FTE employees due to compliance requirements– Any amount not forgiven will now be allowed a 5 year repayment term.Learn moreCARES Act Update - Payroll Protection ProgramMay 30, 2020While initial guidelines to PPP forgiveness have been released, the contents of those guidelines continue to evolve. With the expectation that the forgiveness process will be simplified in the coming days, we would like to advise our small business customers that we will make available final forgiveness guidelines here once the information is finalized.CARES Act Update - Payroll Protection ProgramApril 22, 2020In anticipation of additional funding being made available for the Payroll Protection Program, Planters Bank would like to remind you that we are actively accepting Payroll Protection Program applications from our customers. Please visit https://paycheckprotectionloan.plantersbankonline.com to apply. If you are not yet a Planters Bank customer, please contact us at your nearest Planters Bank location. Find our locations by visiting https://www.plantersbankonline.com/locations.aspx.CARES Act Update - Payroll Protection ProgramApril 16, 2020At this time, funds for the Payroll Protection Program have been depleted. We are hopeful that in an effort to support small business there will be additional congressional action taken to replenish the available funds. Planters Bank will continue to accept applications in hopes of that additional action. Please visit https://paycheckprotectionloan.plantersbankonline.com if you still wish to apply.Please join Landan Stallons, Planters Bank VP of Commercial Banking and the Christian County Chamber of Commerce Friday, April 17 at 11:30 AM for a webinar detailing the application process, what funds may be used for, and additional Payroll Protection Program information. Register with the Christian County Chamber.CARES Act Update - Payroll Protection ProgramApril 13, 2020Planters Bank is providing service for the SBA CARES Act Payroll Protection Program. While our first priority for service has been existing Planters Bank customers, we have successfully implemented the Payroll Protection Program application process for those interested customers, and we are now able to help all small business owners, independent contractors and the self-employed that become Planters Bank customers.Planters Bank has always been committed to our small business customers. We are pleased to partner with the SBA to facilitate this loan program to help businesses keep their workforce employed at this critical time.Please visit plantersbankonline.com for more information on preparing for the Payroll Protection Program, and visit paycheckprotectionloan.plantersbankonline.com to submit your application. We look forward to serving our business clients in this way. Planters Bank continues to provide service to all Planters Bank customers with new social distancing procedures, as well as through our existing remote banking tools. Visit plantersbankonline.com to learn more.CARES Act Update - Payroll Protection ProgramApril 4, 2020Planters Bank is now prepared to accept applications online for the CARES Act Payroll Protection Program. Please visit paycheckprotectionloan.plantersbankonline.com to submit your application. Once your application is submitted, we have you in our queue for assistance. Planters Bank will begin processing applications as quickly as we possibly can in order to help assist our small business customers in obtaining this much needed relief. Please note that while we will make every effort to return your calls and emails promptly, we anticipate this will be an unusually busy time. Following the submission of your application, please wait for additional contact from Planters Bank. For questions related to the CARES Act or our application, your best course of action will be reaching out to your Planters Bank representative via email. As always, we appreciate your patience and understanding. We very much value your choice to work with Planters Bank.CARES Act UpdateApril 3, 2020While Planters Bank intended to be prepared for online applications for the CARES Act Payroll Protection Program today, due to technical issues beyond our internal control, we will have updated information on applying by Monday. For questions related to the CARES Act or our application, your best course of action will be reaching out to your Planters Bank representative via email.Thank you for your patience & understanding.CARES Act UpdateApril 2, 2020The Small Business Administration has released some additional required guidance. Planters Bank will update our online system on Friday. We will be prepared for applications to be submitted on our website beginning Friday.If you have contacted us already, we have you in our queue. We will communicate with you directly when the application is live online. Continuing to contact is not necessary. We value our customers and the communities we serve. Thank you very much for your patience and understanding as we navigate this relief for our small business customers.CARES Act UpdateApril 2, 2020Planters Bank will be participating in the CARES Act Paycheck Protection Program. The Small Business Administration and US Treasury have NOT released the required application as of the time of this update (3:46 PM CST Thursday) or required documentation for these loans. Preliminary information has been released but has already been revised twice. The versions currently available will not be the required form.Our on-line application system cannot be completed until the required forms are provided. Please understand that we are working as rapidly as possible. Despite media reports to the contrary, we do not expect the funds to be depleted immediately. If you have contacted us already, we have you in our queue. We will communicate with you directly once we have the necessary information. Continuing to contact is not necessary.We value our customers and the communities we serve. Thank you.CARES Act UpdateApril 1, 2020Planters Bank will be participating in the CARES Act Paycheck Protection Program. We are working diligently to provide the loans to our existing customers. The US Treasury and the Small Business Administration are required to develop guidance for this process. While some preliminary guidance has been provided, the guidance has been revised today leaving us with incomplete information for distribution. Additional guidance is expected to be provided Thursday. We will provide this information to you as soon as we possibly can. Please allow us the opportunity to work through the system. We will have an online application that will make the process easier and faster for you.Trust that we are working on your behalf as rapidly as possible. We will share on our website & social media the moment we have further actionable information. For those that have contacted us for help, we will contact you as soon as we are able to act on this program. Once you have contacted us, additional contact will not help us move your business forward; please trust we will reach out to you the moment we are able to help you.We value our relationship with you. We apologize for being unable to respond immediately to each request. The volume is tremendous and the details provided to us at this stage are incomplete. Share Share Share Email
