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The Small Business Administration (“SBA”) recently announced that the $349 billion allocated for the Paycheck Protection Program has been depleted.  Belmont Bank & Trust remains hopeful that additional funds will be allocated and continues to monitor the situation.  The Bank continues to actively review and gather necessary information for PPP applications in the event new funding is allocated.   

PPP Loan Terms & Conditions

  • Eligible businesses:  All small businesses, including non-profits, veterans organizations, tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries. Special consideration may be given to hospitality and restaurant businesses (NAICS 72).
  • Loan amount: Loan 2.5x your average monthly payroll costs including salary, wages, commissions and tips (capped at $100,000 annualized for each employee), state and local taxes on compensation, and benefits for the last year (up to max. loan of $10 million).
  • Loan forgiveness: If loan proceeds are used for payroll costs and other designated business operating expenses (rent, mortgage interest and utility costs) in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.
  •  PPP loan features:
    • Interest rate of 1.0%
    • Maturity of 2 years
    • First payment deferred for 6 months (interest accrues during this period)
    • 100% guarantee by SBA
    • No collateral
    • No personal guarantees
    • No borrower or lender fees payable to SBA

When Can You Apply

As soon as April 3, 2020 for small businesses and sole proprietorships, and April 10, 2020 for independent contractors and self-employed individuals.  Applications will be accepted through June 30, 2020, but we encourage you to apply as quickly as you can because there is a funding cap and we need time to process your loan.

What Can You Do Now

  • Fill out the PPP application available here
  • Include with your application:
    • For the year 2019, documentation as is necessary to verify payroll expense (payroll processor records, payroll tax filings, or Form 1099-MISC, or income and expenses from a sole proprietorship)
    • Most recent available business tax return from the applicant
    • Verification that wages, salaries, commissions and tips exceeding $100,000 for any employee were not included on your application
    • Documentation of payments of all health care benefits, including insurance premiums
    • Documentation of payments of all retire plan benefits that we paid by the company (exclude employee deferral withholding
    • Documentation of payment of state and local taxes paid by the employer (exclude federal withholding taxes)
    • For the period on or around February 15, 2020, proof that your business was operating and paying payroll (payroll processor records, banks statements showing payroll debits, copies of cleared payroll checks)
    • We are unable to process with the SBA until all supporting documentation is received. We may request additional information on a case-by-case basis.
  • A borrower worksheet available here may be useful when calculating average monthly payroll
  • Completed applications and supporting information can be emailed to [email protected]

We understand the PPP program is very important to you right now.  We will provide you the most up-to-date information as soon as it becomes available to us.  Please reach out to your Belmont Bank Loan Officer or Personal Banker for additional information. 

The Borrower Information Fact Sheet released by the Treasury can be found here.

The Application released by the Treasury can be found here.

The most recent information available on PPP can be found here.

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.

Lobby Closure

For your SAFETY regarding COVID-19, effective immediately we are closing our branch lobbies to walk-in traffic

  • Branches will remain OPEN with Lobby Closure as of 3/20/2020:  Each branch will remain staffed to service our customers per the guidelines outlined below: 
    • 8250 W. Belmont – Employees will be staffing our drive-thru lane. The drive-thru includes an ATM which is available 24 hours a day. In addition, our Night Drop is available and will be checked multiple times per day. If you need assistance with other banking related matters, employees will be available at (773) 589-9500 or by dialing direct lines.
    • 121 W. Wacker – The lobby is closed to foot traffic. If you have a transaction that cannot be performed online or via our mobile app, our staff will be onsite to complete your transaction while you wait in the lobby of the building. If you need assistance, contact the branch at (312) 754-2600.
    • 1958 W. Division – The lobby is closed to foot traffic. The ATM is available 24 hours a day. In addition, our Night Drop is available and will be checked multiple times per day. If you have a transaction that cannot be performed via one of these delivery channels or online, our staff will be onsite to complete your transaction while you wait in the vestibule. If you need assistance, contact the branch at (773) 413-1300.
  • Digital Channels:  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.

The Bank remains fully operational and financially secure. We are well prepared for the impact of this ever evolving situation and are committed to supporting our customers during this difficult time. 

Belmont Bank & Trust thanks you for your understanding as we strive to do what is best for our customers and employees alike.


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 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 scams-alerts.

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