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CARES Act: Paycheck Protection Program

Information for Small Businesses that Have Been Affected by COVID-19

Please Note: Due to the expected demand for the Paycheck Protection Program, we will initially only accept applications from current American Momentum Bank clients (former Security Bank clients).

We believe in building relationships that stand the test of time. Rest assured, during this current COVID-19 crisis, our bankers will stand with you to protect your business.

The newly enacted Coronavirus Aid Relief and Economic Security (CARES) Act provides one of the largest stimulus aid packages to individuals and businesses in the nation’s history. The CARES Act includes the Paycheck Protection Program, a $349 billion business loan program that offers relief measures to small businesses, primarily to keep employees on payroll and cover other stipulated business expenses.

Application Process

If you plan to submit an application, you can prepare for the application process by reading the Program Overview and Borrower Information Fact Sheet, and by gathering the following documentation:

    1. The application has been updated and the updated version of the Paycheck Protection Program Application will need to be completed.
      • Attach Addendum A if you answered Yes on Question #3 
      • Attach Addendum B if you answered Yes on Question #4
    2. Full-year payroll information by employee for 2019 (this can include benefits and healthcare provided and must be supplied for all employees)
    3. 941 Quarterly Payroll Tax Forms for 2019 and Q1 2020 (Q1 2020 is not due until 4/30/2020; notify your AMB lending officer if the Q1 2020 941 Quarterly Payroll Tax Form has not been completed)
    4. 1099 Forms for 2019, if you paid your employees as contractors (contractors will file for themselves and cannot be counted toward your employment costs for the loan amount calculation). This should include documentation of how many full-time employees were on the payroll as of 2/15/2020.
    5. If any loan proceeds are intended to be used for Covered mortgage interest payments, Covered rent payments or Covered utility payments, provide dollar amounts expected for the 8 week period following the loan application
    6. You must provide written documentation supporting how you calculated the loan amount
    7. Complete the Beneficial Ownership Certification form
    8. Additional documentation may be necessary

American Momentum Bank is an SBA Preferred Lender and is now processing applications, effective Monday, April 6, 2020.

Please email your Application and the supporting documentation to your local American Momentum Bank (former Security Bank) commercial lending officer. We will work diligently to get your application underwritten and approved as quickly as possible.

Please know that we are in this together, and we are here to help you regain financial momentum.

 

Latest Update to COVID-19 Information

At American Momentum Bank, the health and safety of our employees, clients and communities we serve are of the utmost importance to us. We continue to monitor the coronavirus (COVID-19) situation closely and look to the Centers for Disease Control Prevention (CDC) for guidance.

Banking Center Lobby Closures

Our banking center lobbies are closed, effective Tuesday, March 24, 2020. To continue serving our clients, our drive-thru hours of operation remain unchanged. To locate the nearest drive-thru location, please click here.

We understand that you may need in-lobby services, including access to your safe deposit box. Please call 888.303.8298 or use the Contact Us form to schedule an appointment for access during regular business hours.

Ways We Continue to Serve You

In addition to utilizing our drive-thrus, you will continue to have access to your accounts through the following methods:

Online Banking: Our online banking platform is available to you 24-hours a day and offers a full suite of services for all account types. Here, you can view account balances and activity, pay bills, trasfer funds, and set up and monitor account alerts.

Mobile Banking and Mobile Deposit: Mobile banking and mobile deposit are also available via our mobile app.

Remote Deposit Capture: Designed with our business clients in mind, Remote Deposit Capture enables you to deposit checks whenever you choose, and from any location.

Drive-thru Service: A number of our locations also offer drive-thru services, which are an excellent way to visit your local branch while limiting contact with others. To find a drive-thru near you, click here.

For assistance with Online Banking, Mobile Deposit or Remote Deposit enrollment, please give us a call at 888.303.8298 or use the Contact Us form.

Information on Potential Scams

In times of panic and uncertainty, scammers are looking for any opportunity to take advantage of well-intentioned people and perpetrate financial crimes. Please keep your guard up and use extra caution when receiving suspicious emails, text messages and phone calls. Be sure to verify the authenticity of any unsolicited communication you receive and never share your personal information with an unknown party.