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COVID-19

Important Branch Updates

Our drive-thru and lobbies are open during normal business hours.  We’ve been busy preparing our branches for you. Here’s what to expect the next time you visit.

We’re Looking Out for Everyone's Safety

We've taken significant steps to provide a safe and healthy branch environment, including:

  • Enhanced cleaning throughout the day
  • Installing clear panels at our teller lines
  • Social distancing and enhanced hygiene practices
  • Options to schedule in-branch appointment
  • Drive-thru services for simple transactions

Preparing for Your Branch Visit

We've made a few changes to help protect you. You can expect:

  • Floor markers to help everyone stay at a safe distance
  • Our bankers to wear masks. Customers are asked to wear masks, as well, and we ask that you remove your hat and sunglasses and briefly lower you mask when you enter the lobby
  • Enhanced identification procedures. Please bring your government-issued photo ID, such as a state driver’s license or U.S. passport
  • Limits on the number of customers allowed in our lobbies.  We may temporarily limit the number of people allowed in our lobbies at any given time

Digital Channels Are Always Available

We encourage all of our customers to utilize the many FREE remote banking capabilities that Belmont Bank offers. By utilizing these delivery channels you can transfer funds, check balances, pay bills and deposit checks.

  • Online Banking - Allows you to move funds between accounts, check balances, view checks, pay bills and transfer money via the Zelle® network
  • Mobile App - Allows you to perform all the transactions the online banking system does, while also being able to deposit checks

SBA Paycheck Protection Program

PPP Current Funding

On December 27, 2020, the President signed a $900 billion COVID-19 relief bill.  As part of the bill, additional funds become available for first-time PPP Borrowers along with second draw loans for existing PPP Borrowers.  Details for both types of loans are below.

First Draw PPP Loans

First Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.  First draw loans are eligible to be forgiven if employee and compensation levels are maintained, proceeds are spent on eligible costs and at least 60 percent of the loan is spent on payroll costs.

Eligible small entities, that together with their affiliates (if applicable), have 500 or fewer employees—including nonprofits, veteran’s organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—can apply. Entities with more than 500 employees in certain industries that meet SBA’s alternative size standard or SBA’s size standards for those particular industries can also apply.

Below are links to additional information about the program and the application.

Paycheck Protection Program First Draw Loans Top Line Overview

Borrower Application Form 2483-FD (first draw borrowers only)

Second Draw PPP Loans

The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan.  Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.  Second draw loans are eligible to be forgiven if employee and compensation levels are maintained in the same manner as required for the first draw PPP loans, proceeds are spent on eligible costs and at least 60 percent of the loan is spent on payroll costs.

Second draw borrowers can apply for a second draw PPP loan if they’ve spent or expect to spend the full amount of their first PPP loan before they receive funding for the second loan. In general, borrowers can have no more than 300 employees subject to certain SBA industry restrictions. Second loans can be up to 2.5 times (businesses with NAICS code 72 can borrower up to 3.5 times) the business’ average monthly payroll costs, up to a $2 million loan maximum. All businesses applying for a second PPP loan must show that their business revenue declined by at least 25% in any quarter in 2020 compared to the same quarter in 2019. Below are links to additional information about the program and the application.

Below are links to additional information about the program and the application.

Paycheck Protection Program Second Draw Loans Top Line Overview

Borrower Application Form 2483-SD (second draw borrowers only)

PPP FORGIVENESS

Existing PPP borrowers with 2020 loans are still able to apply for forgiveness using one of the three available forms.  Per the legislation passed in December 2020, an additional form will be forthcoming for borrowers with loans $150,000 or less.  The Bank will provide updates when the new forgiveness form becomes available.

Links to download the currently available forms and instructions from the US Treasury website are below.  

Loan Forgiveness Application Form 3508S

Loan Forgiveness Application Form 3508S Instructions

Loan Forgiveness Application Form 3508EZ

Loan Forgiveness Application Form 3508EZ Instructions

Loan Forgiveness Application Form 3508

Loan Forgiveness Application Form 3508 Instructions

Please visit for a complete program overview, guidance and tools:

https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses 

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program

If you have additional questions regarding the SBA Paycheck Protection Program, please email the Bank at [email protected]

Financial Hardship

Belmont Bank & Trust continues to work with those experiencing financial difficulty as a result of coronavirus impacts. Should you, as a Belmont Bank & Trust customer, encounter hardship as a result of coronavirus, please call us at (773) 413-1965 8:30 a.m. to 5:00 p.m. CST Monday - Friday, to discuss your options. Belmont Bank & Trust offers an array of hardship relief options for which some customers may be eligible, depending on their product(s) and needs.

Update

Belmont Bank & Trust has spent the last several days and weeks learning about the coronavirus (COVID-19) and how it is impacting our world. That means understanding how it affects our customers, employees and our community, and then making the necessary adjustments to our work and operations.

We have one simple objective: keeping you and our employees safe. This has been at the center of our conversations every step of the way. With that in mind, we have made changes in our business in response to the threat of the coronavirus.

We have ramped up cleaning services at our bank and are adding hand sanitizer at the front entrances and at all teller lines. Sanitizing wipes are near workstations and counters so that employees can keep them continuously cleaned.

Remember, we have many ways you can do your banking without coming to the bank. Be sure and check out our online, mobile and debit card banking solutions. Go online to www.belmontbank.com or call us at (773) 589-9500 to learn more about these services:

  • Banking from your home computer, tablet or smartphone
  • Making deposits using your tablet or smartphone
  • Using ATMs to get cash through our Free ATM network
  • Using our BillPay to pay your bills
  • Using debit cards to help you avoid handling cash
  • Using Zelle® for person to person fund transfers

We are closely following the Centers for Disease Control’s (CDC) guidelines and recommendations on the steps we can take to help prevent the spread of the virus. We have shared specific instructions with our employees on the importance of washing their hands and staying home if they feel sick or are returning from an area of the world identified as posing a coronavirus-related risk. Per CDC recommendations, we will ask employees who have traveled to such locations or have been exposed to others who have traveled to such locations to self-quarantine for 14 days.

During any time of uncertainty, it is common to see a spike in fraud. Please remember that you shouldn’t click on any links or attachments from someone you don’t know. Also, carefully review all incoming email addresses, as fraudsters may be posing as business associates working remotely from a different email address. For more information on Coronavirus scams, please visit the FTC website at https://www.consumer.FTC.gov/features/ scams-alerts.

We will continue to closely monitor the situation and do all we can to protect you and our employees.