To Our Valued Customers,
As we bring in the new year we look forward to the new opportunities that it brings and the continued relationships that we have enjoyed in the past. Many of you have heard that Congress has passed the Economic Aid Act which among other things provides for a second round of PPP loans. The program is scheduled to begin Monday January 11th for new borrowers and as soon as Wednesday for second draw loan customers. While many of the provisions of the first program are very similar to the second, there are some significant changes that we want to make you aware of.
The most significant change is that in order to receive forgiveness of the debt under the second draw loan, you must demonstrate a 25% reduction in revenue. This reduction can be when comparing any quarter in 2019 to the same quarter in 2020. This reduction in revenue can also be for the entire year of 2019 as compared to 2020. We know that many of you are anxious to apply for these loans and we are anxious to process them for you. Therefore, we ask that you began the process to provide this information along with your application when you apply for your new PPP loan.
Another new provision will be that businesses in the accommodations and food service industries may receive up to 3.5x of their monthly average payroll as opposed to 2.5x which was applicable in the first draw and for all other businesses.
The majority of the information that you provided on your first draw will apply to the second loan but we will need for you to complete a new application and began to gather the information regarding the reduction of revenue and submit it with your application. This new application has not yet been released by SBA but we expect it any day and we will forward it to you as soon as it is available. We expect to be very busy submitting your applications not to mention that we feel like there will be several more changes to the program as we go along. Therefore we ask that you be patient with us so that we can work together and provide this much needed service to our customers.
The SBA has released the new PPP loan Applications that will be used for the second round of PPP borrowing. You should be able to fill these out on line and email them to the bank. Or if you feel more comfortable you can print the form, fill it out and bring it to the bank. Please include your documentation that reflects the 25% reduction in revenue as described in my previous email.
Just click on the form below that describes your situation.
• Form 2483 — First Draw Borrower Application
• Form 2483-SD — Second Draw Borrower Application
I am sure that many of you will have questions about this program and I encourage you to contact your loan officer, Bob, David, James or myself and we will all get through this together.
Sincerely,
John P. Guest
President & CEO
NMLS: 1177309
Citizens National Bank at Brownwood
P.O. Box 1629
Brownwood, TX 76804
Phone: (325) 643-3545
Fax: (325) 646-0867
CNB offers a variety of consumer loans to meet your personal needs:
Click here for downloadable application. Documents to submit with Citizens National Bank Personal and Auto Loan Application: (Both Borrower and Co-Borrower)
Loans for new and used vehicles, boats, motorcycles, RVs, debt consolidation, taxes, and many others; CNB offers both secured and unsecured loans. Local lenders make decisions to provide for faster service, competitive rates, can adjust terms to fit borrower’s needs. If you would like to speak to a loan officer or have any questions please feel free to contact us at 325-643-3545.
We are your independent, locally owned mortgage lender committed to giving you the best customer service in town. We build relationships on trust and integrity, providing clear, honest information about the most important purchase you will make.
Our Mortgage Loan Specialists are trained to tailor each loan program to offer you the best rate and loan term for your lifestyle and future.
Click here for downloadable application for a single borrower and Click here for 2 borrowers. Documents to submit with Citizens National Bank Mortgage Application: (Both Borrower and Co-Borrower)
For more information, please contact:
325-643-3545 between 9:00 AM and 4:00 PM or email us at: ibdept@cnb-brownwood.com
Citizens National Bank offers a wide variety of loans for your new or existing business. Whether you’re starting a new business or just need equipment for you existing business, the friendly and experienced loan staff would be more than willing to assist you.
Click here for downloadable application. Documents to submit with Citizens National Bank Business Loan Application: (Both Borrower and Co-Borrower)
Commercial Real Estate
These loans are for businesses that need to purchase, construct, or remodel a building for manufacturing, retail, or office purposes. We offer both interim construction and permanent real estate loans.
Working Capital or Lines of Credit
For businesses that need short-term capital needs due to seasonal factors or various other factors, we offer short-term working capital loans. These loans can be either a revolving or non-revolving basis.
Equipment Loans
Equipment loans can be used to purchase business equipment such as plant equipment, trailers, or computer hardware or software, etc.
Floor Plan Loans
These loans can be used by business to purchase inventory for re-sale. Examples include vehicles, boats, R.Vs, trailers, etc.
Agriculture Loans
These loans can be used to purchase livestock, feed, or for care of livestock. Equipment loans for trailers, implements, etc. can also be done.
If you would like to speak to a loan officer or have any questions please feel free to contact us at 325-643-3545.
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Refinancing at a lower rate has the potential to save you thousands of dollars in the long run. However, for refinancing to be worth it, the savings in interest must be greater than the fees (i.e. points, closing costs) involved with the refinancing process. The refinancing calculator will take these fees into consideration and tell you how much you could save (or lose) should you decide to refinance at a lower rate.
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Computes the most expensive house you can buy.
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The monthly payment calculated factors in both the principal and interest. It does not factor in other mortgages costs such as annual property tax, HOA fees, PMI, etc.
These financial calculators are made available as tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek advice from qualified professionals regarding personal finance issues.
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Calculates the most expensive car you can afford.
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The monthly payment calculated factors in both the principal and interest. It does not factor in other mortgages costs such as annual property tax, HOA fees, PMI, etc.
These financial calculators are made available as tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek advice from qualified professionals regarding personal finance issues.
Select your financial calculator below to begin.
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Enter each transaction from your investment portfolio and determine your percentage yields before and after fees and taxes.
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Computes what an amount invested today will be worth at some point in the future.
Compute the total amount you would be able to save with monthly deposits.
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Compute how much money you would need to start with to reach a savings goal.
Computes the monthly deposit amount needed to reach a savings goal.
The monthly payment calculated factors in both the principal and interest. It does not factor in other mortgages costs such as annual property tax, HOA fees, PMI, etc.
These financial calculators are made available as tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek advice from qualified professionals regarding personal finance issues.
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Which is better, a Traditional IRA or a Roth IRA? Traditional IRAs offer tax-deferred earnings and tax-deductible contributions. Roth IRAs offer tax-free earnings, but contributions are not deductible.
Use this calculator to compute the amount you can save in a tax-deferred Traditional IRA. Contributions to your Traditional IRA are usually tax deductible now, but you pay taxes when you withdraw the funds in retirement.
Use this calculator to compute the amount you can save in a Roth IRA where you pay taxes on your income now, but withdraw the funds tax-free in retirement. Because this is a Roth IRA, your contribution limit is after taxes and your effective contribution limit is higher than a Traditional IRA. This calculator allows you to enter your annual deposit amount in "Before Tax" dollars so that the after tax deposit amount is automatically computed for you.
Use this calculator to find out how long you can make recurring withdrawals of a specified amount from your savings account.
Use this calculator to find out what rate of return you would need to make recurring withdrawals of a specified amount from an account.
Use this calculator to find out how much money you must have in your savings account to make recurring withdrawals of a specified amount.
Use this calculator to compute how much you will be able to regularly withdraw from your savings account before you run out.
The monthly payment calculated factors in both the principal and interest. It does not factor in other mortgages costs such as annual property tax, HOA fees, PMI, etc.
These financial calculators are made available as tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek advice from qualified professionals regarding personal finance issues.
Select your financial calculator below to begin.
One or more of the fields is not filled out.
The date you have entered is invalid!
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Percentages cannot exceed 100
How long you plan to keep the property must be less than or equal to the new loan term
Your down payment exceeds the home price
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This calculator computes the residual to satisfy a known payment amount, number of payments, lease rate, and lease amount.
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This calculator computes the amount you can afford to lease.
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This calculator computes the payment amount necessary to satisfy a known lease amount, lease rate, residual amount, and number of payments
This calculator computes the payment amount necessary to satisfy a known lease amount, lease rate, residual amount, and number of payments.
The monthly payment calculated factors in both the principal and interest. It does not factor in other mortgages costs such as annual property tax, HOA fees, PMI, etc.
These financial calculators are made available as tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek advice from qualified professionals regarding personal finance issues.