The COVID-19 pandemic outbreak has led to unprecedented financial challenges for many businesses across the country, forcing many business owners to make difficult decisions with regard to their employee payroll. In response, among the other actions we have taken to help our customers and our communities, First United is an authorized SBA lender which gives us access to funds, including the Paycheck Protection Program (PPP), made available through the CARES Act.

The CARES Act has granted SBA authorized lenders the funding to assist eligible small businesses in receiving a no-fee loan to cover payroll, health benefits, rent and utilities. There is $350 billion available in funding, which can be up to 100% forgiven, depending on employee retention through the coronavirus crisis.

If you are considering taking advantage of the Paycheck Protection Program (PPP) for your business, we encourage you to consult with your accountant and contact your Relationship Manager here at First United to discuss what is best for you and your business. We can then help you get the process started quickly to provide you the assistance your business needs.

As your financial partner, we have gathered information and developed helpful resources to assist you in calculating your potential benefit and better understand the Paycheck Protection Program. You’ll find a variety of resources and deferment programs that we have made available to assist with the many financial challenges you may be experiencing in your business and personally.

Early communication is vital in these difficult times. Our team members are available to offer solutions for you to maintain your financial health, to provide working capital for your business, or support through the SBA lending experience. If you have questions or would like to discuss your unique situation, please do not hesitate to contact us as soon as possible. You can contact your relationship manager directly, your local First United community office, or call our Customer Service Center.

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Basics of the Small Business Paycheck Protection Program

The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

Fully Forgiven

Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Must Keep Employees on the Payroll—or Rehire Quickly

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

All Small Businesses Eligible

Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries.

When to Apply

Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.

PLEASE NOTE: The Paycheck Protection Program from the SBA is subject to funds availability which is outside of our direct control. Applications will be processed as our resources permit.

Need Support?

Call us at 1-888-692-2654

8 a.m. – 8 p.m. – Monday – Friday
9 a.m. – 1 p.m. – Saturday

There are a Variety of Programs Available to Support Impacted Businesses

First United Programs

We’re offering loan deferrals, skip-a-payment programs for loans and credit cards, fee waivers and more to support our local community and community businesses through this difficult time.

If you have been impacted, please contact us as soon as possible so that we can help support you with a solution that fits your needs.

Other Assistance Programs

State and Local Governments are offering a variety of relief funds to support for-profit and non-profit businesses throughout our regions. Our associates are staying up-to-date with information on these available programs throughout our area. Our experts can help you find and secure the funding you need to help you, your business, your family and the families of those you employ.

Paycheck Protection Program – Step by Step Process

Follow the steps below to ensure a smoother application process for your Paycheck Protection Program loan.

Review the information and frequently asked questions

Make sure you understand the SBA Paycheck Protection Program. You can review the information on this page, read our Frequently Asked Questions below or download the Fact Sheet from the Treasury Department. You can also determine the documents you will need to submit, along with your completed application below.

Determine the Amount of your Loan

Download our calculator tool and fill in the fields to determine the appropriate loan amount for your business.

Complete & Save Your Application

Use the values from the calculator tool to complete the application. You can download the application here. (Updated as of 4/3/20 from the US Treasury Department)

Contact Us to Submit Your Application

Work with your relationship manager to determine how to send your saved application and necessary documents, safely and securely. We will then begin processing your loan application.

We'll Stay In Touch

As your loan is being handled, your relationship manager will remain in contact with you throughout the process to ensure you know how things are progressing.

PLEASE NOTE: The Paycheck Protection Program from the SBA is subject to funds availability which is outside of our direct control. Applications will be processed as our resources permit.

How Much Funding Can My Business Receive?

To help you calculate the funding available to your business, we’ve created this simple downloadable spreadsheet that will allow you the ability to enter your salaries, wages and other details to determine the appropriate loan amount for your business.

What You’ll Need to Apply

Along with your completed application, the list below are the items that small businesses will need to submit with their loan application:

  1. 2019 IRS Quarterly 940, 941 or 944 payroll tax reports
      
  2. Payroll Reports for the entire calendar year 2019. Those payroll reports must show the following for the time period above:
    • Gross wages for each employee, including the officer(s) if paid W-2 wages
    • Paid time off for each employee
    • Vacation pay for each employee
    • Family medical leave pay for each employee
    • State and Local taxes assessed on the employee’s compensation for each employee
    • NEW: To verify total employees as of 2/15/2020 – please be sure to also include  documentation which includes data from February 15, 2020. If you use QuickBooks, you can easily generate a Payroll Summary or Payroll Register report which includes the date: February 15, 2020
  3. 1099’s for 2019 for independent contractors that would otherwise be an employee of your business (do NOT include 1099’s for services)
      
  4. Documentation showing total of all health insurance premiums paid by the Company Owner under a group health plan (include all employees and the company owners)
      
  5. Document the sum of all retirement plan funding that was paid by the Company Owner (do NOT include funding that came from the employee’s out of their paycheck deferrals).
    • Include all employees, including company owners
    • 401(k) plans, Simple IRA, SEP IRA’s
  6. Not an existing First United customer prior to this application? You may be required to submit additional documentation, including:
    • Completed Certificate of Beneficial Owners
    • Sole  Proprietor?
      • Business License (if required) and/or Tax Return
    • Partnership / Corporation / LLC / LLP?
      • Copy of the Certificate of Status (obtained from the State, in good standing)

 

PLEASE NOTE: The Paycheck Protection Program from the SBA is subject to funds availability which is outside of our direct control. Applications will be processed as our resources permit.

Interested? Contact Us

Fill out the form below and one of our professionals will reach out to you to discuss your options.
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First United is an Authorized SBA Lender

 

The SBA works only with designated, authorized intermediary lenders across the country to provide financing to small businesses. First United is one of these approved lenders and is here to help you and your business through the good times and the challenging times.

Our Team of Commercial Loan Specialists

 

Josh Bosley

Vice President, Director of Lending

Josh Bosley

Email:jbosley@mybank.com

Phone:301-533-2304

Allen Shapiro

Vice President and Community Relationship Manager

Allen Shapiro

NMLS #682375

Email:ashapiro@mybank.com

Phone:301-895-5125

Sarah Warchola

Community Relationship Manager

Sarah Warchola

NMLS #1030250

Email:swarchola@mybank.com

Phone:304-291-6690

Mary Bond

Vice President and Community Relationship Manager

Mary Bond

NMLS #682383

Email:mbond@mybank.com

Phone:301-724-8686

Marshall Hammer

Community Relationship Manager

Marshall Hammer

NMLS #1102040

Email:mhammer@mybank.com

Phone:301-791-3610

Blake Walker

Commercial Relationship Manager

Blake Walker

Email:bwalker@mybank.com

Phone:301-533-2335

Phil Rodeheaver

Market President

Phil Rodeheaver

Scott Palmer

Commercial Relationship Manager

Scott Palmer

Email:spalmer@mybank.com

Phone:301-662-6314

Jason Schnopp

Community Relationship Manager

Jason Schnopp

NMLS #610138

Email:jschnopp@mybank.com

Phone:304-598-8544

Kathy Getty

Director of Business Relationships

Kathy Getty

Email:kgetty@MyBank.com

Phone:301-724-6450

Brad McMillian

Vice President & Commercial Relationship Manager - Team Leader

Brad McMillian

Email:bmcmillian@mybank.com

Phone:304-598-2195

Laura Lowry

Vice President & Community Relationship Manager

Laura Lowry

NMLS #682394

Email:llowry@mybank.com

Phone:301-824-3838

Anthony Roedersheimer

Commercial Relationship Manager

Anthony Roedersheimer

Email:troedersheimer@mybank.com

Phone:301-696-8169

Shelley Friend

Vice President and Community Relationship Manager

Shelley Friend

NMLS #682377

Email:sfriend@mybank.com

Phone:304-788-2552

Alan Mullendore

Market President

Alan Mullendore

Phone:301-791-6658

Email:amullendore@mybank.com

Denise Phelps

Market President

Denise Phelps

NMLS# 770542

Jaime Shelton

Community Relationship Manager

Jaime Shelton

NMLS #699756

Mail:jshelton@mybank.com

Phone:301-293-2390

Chris Morris

Commercial Relationship Manager

Chris Morris

Email:cmorris@mybank.com

Phone:304-598-8540

Denise Hess

Community Relationship Manager

Denise Hess

NMLS#864509

Email:dhess@mybank.com

Phone:240-850-2012

Mike Majeed

Vice President and Commercial Relationship Manager - Team Leader

Mike Majeed

Email:mmajeed@mybank.com

Phone:301-668-1161

Mark Aswall

Commercial Relationship Manager

Mark Aswall

Email:maswall@mybank.com

Phone:304-262-4606

Merv Yoder

Commercial Relationship Manager

Merv Yoder

Email:myoder@mybank.com

Phone:301-791-7911

Sarena Rodeheaver

Vice President and Community Relationship Manager

Sarena Rodeheaver

NMLS #682376

Email:slrodeheaver@mybank.com

Phone:301-387-5500

Donna Creegan

Vice President and Community Relationship Manager

Donna Creegan

NMLS #682382

Email:dcreegan@mybank.com

Phone:301-724-4800

Chuck Eichelberger

Community Relationship Manager

Chuck Eichelberger

NMLS #770550

Email:ceichelberger@mybank.com

Phone:301-791-3999

Josh Yeager

Commercial Relationship Manager

Josh Yeager

Email:jyeager@mybank.com

Pjone:304-598-8546

Nada Kisner

Community Relationship Manager

Nada Kisner

NMLS #520133

Email:nkisner@mybank.com

Phone:304-598-2515

Frankie McIntyre

Community Relationship Manager

Frankie McIntyre

2019 Ambassador of the Year, awarded by the Martinsburg-Berkeley Co. Chamber of Commerce

NMLS #622114

Mail:fmcintyre@mybank.com

Phone:304-274-1330

Craig Pancake

Commercial Relationship Manager

Craig Pancake

Email:cpancake@mybank.com

Phone:304-788-3584

Kimberly Moyers

Market President

Kimberly Moyers

Brandi Rice

Community Relationship Manager

Brandi Rice

NMLS #1048763

Email:brice@mybank.com

Phone:301-729-2320

Dave Hart

Community Relationship Manager

Dave Hart

NMLS #770548

Email:dhart@mybank.com

Phone:304-274-9146

We’re here to help.

If you are facing uncertainty, early communication with us is important, and we’re here to help! Reach out to us as soon as possible to discuss all the available programs, options and solutions that we can offer to help support you and your business. We have supported the local communities we serve, those that we call home, since 1900 and we will continue to deliver on our promise of uncommon service and solutions, through the good times and the challenging times.

Frequently Asked Questions (FAQ)

First United is an SBA authorized lender with delegated authority. Lenders with this delegated authority are given the ability to determine eligibility and credit worthiness without going directly to traditional SBA channels.

Beginning February 15, 2020 and ending June 30, 2020 for eligible businesses.

You are eligible for a loan if you are a small business that employs 500 employees or fewer, or if your business is in an industry that has an employee-based size standard through SBA that is higher than 500 employees. In addition, if you are a restaurant, hotel, or a business that falls within the North American Industry Classification System (NAICS) code 72, “Accommodation and Food Services,” and each of your locations has 500 employees or fewer, you are eligible. Tribal businesses, 501(c)(19) veteran organizations, and 501(c)(3) nonprofits, including religious organizations, will be eligible for the program. Nonprofit organizations are subject to SBA’s affiliation standards. Independently owned franchises with under 500 employees, who are approved by SBA, are also eligible. Eligible franchises can be found through SBA’s Franchise Directory.

Yes. Sole proprietors, independent contractors, gig economy workers, and self-employed individuals are all eligible for the Paycheck Protection Program.

  • The maximum loan amount under the program is the lesser of:
    • the average total monthly payments by the applicant for payroll costs incurred during the 1-year period before the date on which the loan is made multiplied by 2.5*;
    • plus the outstanding amounts of any Emergency Injury Disaster Loan (EIDL) obtained on or after January 31, 2020 which is to be refinanced under this loan; OR
    • $10,000,000

      *Special rules exist for seasonal employers and businesses not in existence beginning 2/15/2019 and ending on 6/30/2019.

To better assist our businesses, we have developed a simple form that you can use to estimate your maximum loan amount based on these eligibility requirements.

Between February 15, 2020 and ending June 30, 2020, eligible recipients can use the proceeds from the loan for:

  • payroll costs;
  • costs related to the continuation of group health care benefits during periods; of paid sick, medical, or family leave, and insurance premiums;
  • employee salaries, commission, or similar compensations;
  • payments of interest on any mortgage obligation (excludes prepayment);
  • rent (including rent under a lease agreement);
  • utilities; and
  • interest on any other debt obligation that were incurred before the period.
  • salary, wage, commission, or similar compensation;
  • payment of cash tip or equivalent;
  • payment for vacation, parental, family, medical or sick leave;
  • allowance for dismissal or separation;
  • payment required for the provision of group health care benefits, including insurance premiums;
  • payment of any retirement benefits; or
  • payment of state or local tax assessed on the compensation of employees;
  • the sum of payments of any compensation to or income of a sole proprietor or independent contractor that is a wage, commission, income, net earnings from self-employment, or similar compensation and that is in an amount not exceeding more than $100,000 in 1 year, as prorated for the period beginning on February 15, 2020 and ending on June 30, 2020.
  • the compensation of an individual employee’s in excess of an annual salary of $100,000 as prorated for the period beginning on February 15, 2020 and ending on June 30, 2020;
  • taxes imposed or withheld under FICA (Social Security and Medicare), Railroad Retirement Act, and IRC Chapter 24 (income tax at source);
  • any compensation of an employee whose principal place of residence is outside the United States;
  • qualified sick leave or family leave wages for which a credit is allowed under the Families First Coronavirus Response Act.
  • Nonrecourse – The Administration (SBA) has no recourse against any individual shareholder, member, or partner of an eligible recipient of a covered loan for nonpayment of any covered loan UNLESS it is used for a purpose not authorized.
  • No Guarantee – Between February 15, 2020 and ending June 30, 2020, no personal guarantee is required for the covered loan AND no collateral is required for the cover loan.
  • No Fees – Between February 15, 2020 and ending June 30, 2020, with respect to covered loan, the Administrator will not collect a fee.

Between February 15, 2020 and ending on June 30, 2020, the Administration (SBA) provides complete payment deferment relief for impacted borrowers with a loan for a period of not less than 6 months and not more than 1 year. This includes the payment of principal, interest, and fees.  An impacted borrower is an eligible receipt who was in operation on February 15, 2020 and has an application for covered loan that is approved or pending after the date of enactment.

  • An individual or entity that is eligible to receive a covered loan is eligible for forgiveness of indebtedness on that loan in an amount equal to the sum of the following costs incurred and payments made during the 8-week period beginning on the date of the origination of a covered loan:
    • payroll Costs (reference definition above);
    • any payment of interest on any covered mortgage obligation
    • any indebtedness or debt instrument incurred in the ordinary course of business that is a liability of the borrower, is a mortgage on real or personal property and was incurred before 2/15/2020;
    • any payment of a rent obligation made under a leasing agreement in force before 2/15/2020;
    • any utility payment related to the distribution of electricity, gas, water, transportation, telephone or interest access for which service began before 2/15/2020.

The loan is forgiven at the end of the 8-week period after you take out the loan. Borrowers will work with lenders to verify covered expenses and the proper amount of forgiveness.

No, if the full principal of the PPP loan is forgiven, the borrower is not responsible for the interest accrued in the 8-week covered period. The remainder of the loan that is not forgiven will operate according to the loan terms agreed upon by you and the lender.

The terms of the loan not forgiven may differ on a case-by-case basis. However, the maximum terms of the loan feature a 10-year term with interest capped at 4 percent and a 100 percent loan guarantee by the SBA. You will not have to pay any fees on the loan, and collateral requirements and personal guarantees are waived. Loan payments will be deferred for at least six months and up to one year starting at the origination of the loan.

  • The following must be provided to the Lender:
    • documentation verifying the number of full time equivalent employees on payroll and pay rates including payroll tax filings reported to the IRS and State income, payroll, and unemployment insurance filings;
    • documentation, including cancelled checks, payment receipts, transcripts of accounts, or other documents verifying payments on covered mortgage obligations, payments on covered lease obligations, and covered utility payments.
    • certification from a representative of the eligible recipient authorized to make such certifications that:
      • the documentation presented is true and correct; AND
      • amount for which forgiveness is requested was used to retain employees, make interest payments on a covered mortgage obligation, make payments on a covered rent obligation, or make covered utility payments;
    • any other documentation the administrator determines is necessary.
  • No eligible recipient shall receive forgiveness without submitting to the lender that is servicing the covered loan the documentation required.
  • The timing of Loan Forgiveness Decision will be no later than 60 days after the date on which a lender receives an application for loan forgiveness from an eligible recipient, the lender will issue a decision on an application.
  • Any amount which would be includible in gross income of the eligible recipient by reason of forgiveness is excluded from gross income.
  • The amount of loan forgiveness may be reduced if there is a reduction in full time equivalent employees when comparing to the average number of full time equivalent employees per month employed by the eligible recipient during the period beginning February 15, 2019 and ending on June 30, 2019 OR January 1, 2020 and ending on February 29, 2020.
  • Reductions also exist for certain reductions in total salary or wages of any employees in excess of 25 percent. Employees, in this instance, refer to employees who in 2019 did not receive a wage or salary at an annualized rate more than $100,000.
  • Special rules for tipped workers and rehires during a certain time period.

Yes, you can take out a state bridge loan and are still be eligible for the PPP loan.

If you received an EIDL loan related to COVID-19 between January 31, 2020 and the date at which the PPP becomes available, you would be able to refinance the EIDL into the PPP for loan forgiveness purposes. However, you may not take out an EIDL and a PPP for the same purposes. Remaining portions of the EIDL, for purposes other than those laid out in loan forgiveness terms for a PPP loan, would remain a loan. If you took advantage of an emergency EIDL grant award of up to $10,000, that amount would be subtracted from the amount forgiven under PPP.

No. As an exercise of the Administrator’s and the Secretary’s authority under Section 1106(d)(6) of the CARES Act to prescribe regulations granting de minimis exemptions from the Act’s limits on loan forgiveness, SBA and Treasury intend to issue an interim final rule excluding laid-off employees whom the borrower offered to rehire (for the same salary/wages and same number of hours) from the CARES Act’s loan forgiveness reduction calculation. The interim final rule will specify that, to qualify for this exception, the borrower must have made a good faith, written offer of rehire, and the employee’s rejection of that offer must be documented by the borrower. Employees and employers should be aware that employees who reject offers of re-employment may forfeit eligibility for continued unemployment compensation.

As of May 3, 2020 – Yes. The Borrower Application Form requires applicants to certify that “The Applicant is eligible to receive a loan under the rules in effect at the time this application is submitted that have been issued by the Small Business Administration (SBA) implementing the Paycheck Protection Program.” On April 27, 2020, Treasury issued an interim final rule allowing seasonal borrowers to use an alternative base period for purposes of calculating the loan amount for which they are eligible under the PPP. An applicant that is otherwise in compliance with applicable SBA requirements, and that complies with Treasury’s interim final rule on seasonal workers, will be deemed eligible for a PPP loan under SBA rules. Instead of following the instructions on page 3 of the Borrower Application Form for the time period for calculating average monthly payroll for seasonal businesses, an applicant may elect to use the time period in Treasury’s interim final rule on seasonal workers.

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PLEASE NOTE: The Paycheck Protection Program from the SBA is subject to funds availability which is outside of our direct control. Applications will be processed as our resources permit.

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