COVID-19 Info & Resources

 

Morgantown Bank & Trust is committed to our communities and we are here to help. We are all in this together, and we stand ready to help our clients through all phases of this situation.  Please see below for helpful information and resources.  

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Small Business Paycheck Protection Program Information

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The Payment Protection Program (PPP) funding will be facilitated by the Small Business Administration (SBA) and will include provisions delaying, deferring, or the outright forgiveness of principal on certain loans to small businesses. 

For more program information visit www.sba.gov or www.treasury.gov, email [email protected] or call any of our lending staff at (270) 526-3881.

Must be currently in business and have been actively in business on February 15, 2020 to qualify.

Is this your First SBA PPP Loan? 

First Step:  Complete the SBA Form 2483 Application by clicking HERE.  

Second Step:  Gather Articles of Incorporation, Driver’s License and secondary form of ID of all signing parties, and IRS Form 941s for tax year 2019 or 2020.

Third Step:  Submit a payroll register that includes February 15, 2020 data along with the most recent payroll register.

Fourth Step: Upload all required documents from Second and Third Steps using the secure site HERE.

Is this your Second SBA PPP Loan?  

Qualification: Did your revenues for any quarter in 2020 suffer at least a 25% reduction in revenue vs. the corresponding quarter in 2019? If yes, please proceed to First Step.    

First Step:  Complete the SBA Form 2483-SD (Second-Draw) Application by clicking HERE. 

Second Step:  Gather Articles of Incorporation, Driver’s License and secondary form of ID of all signing parties, and IRS Form 941s for tax year 2019 or 2020.

Third Step:  Gather a payroll register that includes February 15, 2020 data along with the most recent payroll register.

Fourth Step:  Provide Quarterly statements or tax documents verifying 25% reduction in revenue requirement has been met.

Fifth Step: Upload all required documents from Second and Third Steps using the secure site HERE.

Loan Amount:  Generally, Equals 2.5 Times Monthly Payroll Average 
Term of Loan:  5 Years 
Interest Rate:  1% 
Payment:  Payments Deferred for 10 months, Monthly Payments thereafter if not forgiven
 
Payroll Expenses include:  employee salary, wages and commissions; payment of cash tips; payment of vacation; parental, family, medical or sick leave; allowance for dismissal or separation; payment required for group health benefits (including insurance premiums); payment of retirement benefits; or payment of state or local tax assessed on employee compensation; and sole proprietor income or independent contractor compensation not in excess of $100,000.
 

Deadline to apply is March 31, 2021 or upon exhaustion of SBA Funds.

For a printable copy of the forms, please use these links: First Draw Application Form 2483 or Second Draw Application Form 2483-SD.  Please email [email protected] or call 270-526-3881 for additional application submission options.

Keeping You Safe

Morgantown Bank & Trust wants to ensure you that we are doing everything possible to protect you, the customer, as well as our employees.  We are closely following the situation and recommendations set forth by the Center for Disease Control and the World Health Organization, including measures to help limit the spread of the virus within the community. 
  • To prevent the spread of COVID-19 our lobbies will be by appointment only until further notice. Our main office located at 201 N Main Street in Morgantown will remain open with reduced hours from 8:30am - 3pm.
  • To find a banking center with drive-thru services nearest you, visit our locations page.
Don't fall victim to scams...
Scammers are taking advantage of fears surrounding the Coronavirus.  Here are some tips to help you spot these scams and stay safe online. Please click the link below for more information from the FTC. 
 
The official Team Kentucky source for information concerning COVID-19:

At Home Banking Options

  • Telephone Banking – check balances and more 24/7 at (866) 526-5577
  • Digital Banking- banking from anywhere!  You can transfer funds, deposit checks, pay bills, and more!  Click here for more info.
If you need cash!  You can get easily obtain cash anytime.  Morgantown Bank and Trust operates 3 ATMs in Morgantown and 2 in the Bowling Green area.  Also, Morgantown Bank & Trust is part of the MoneyPass network and offers access to thousands of ATMs nationwide that our users can access without surcharge fees (see https://www.moneypass.com/ to find an ATM near you). 

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