CRBT SBA Paycheck Protection Program

Cedar Rapids Bank & Trust is accepting applications for the second round of Paycheck Protection Program funding. For questions, please contact us at 319.862.2728 or review the Frequently Asked Questions in our Quick Links section.

CRBT Application & Loan Process Instructions

Cedar Rapids Bank & Trust is a participating lender in the SBA Paycheck Protection Program (PPP).  We are pleased to assist our clients with this program.  Because we expect a high volume of applications, we have provided information below on CRBT’s process. Please review this information to understand what is required.   

The CRBT process described herein is subject to change to ensure the Bank complies with all SBA program requirements. 

1. Who can submit an application to CRBT for the PPP?  

  • CRBT will accept applications for this program only from Applicants who have a current CRBT loan or deposit relationship.  

2.  How do I apply?  

CLICK HERE FOR PPP DETAILS

  1. The Applicant is responsible for submitting a valid and current version of the application. Applicants should be aware that applications obtained from other websites or sources may NOT be a valid and/or current version. CLICK HERE TO DOWNLOAD PPP APPLICATION

  2. In addition to the Application, you must submit supporting documentation as required by the SBA.  The Bank cannot submit an application to the SBA until all required documentation is received.  If you have questions about how to complete your application, you should consult an advisor. CRBT is prohibited from completing the Borrower application.
     
  3. Please note that, in addition to the Application and Addendums A & B (if applicable), the following information must be included in your submission:  
  • ALL APPLICATIONS:  Copies of payroll tax reports filed with the IRS (including Forms 941, 940, state income and unemployment tax filing reports) for the entire year of 2019 and first quarter of 2020 (if available)
  • ALL APPLICATIONS:  Copies of payroll reports for each pay period for the preceding 12 months.  Such reports should include gross wages including PTO (which might include vacation, sick, and other PTO).  This includes payroll reports through the most recent pay period.
  • ALL APPLICATIONS:  A detailed calculation of the requested loan amount. If you do not have a worksheet for this calculation, you may access CRBT's PPP Loan Calculation Worksheet.
  • IF YOU PROVIDE HEALTH INSURANCE TO YOUR STAFF:  If yes, provide documentation reflecting the health insurance premiums paid by the company under a group health plan including owners of the company for the immediately preceding 12 months prior to the date of the SBA loan origination.  Copies of the monthly invoices should suffice.
  • IF YOU FUND RETIREMENT BENEFITS:  If yes, provide documentation of all retirement plan funding by the employer for the immediately preceding 12 months. Copies of work papers, schedules and remittances to the retirement plan administrator should be sufficient.
  • IF YOU ARE AN INDEPENDENT CONTRACTOR:  If yes, copies of 1099 Forms for the past 12 months for Independent Contractors (if applicable)
  • IF YOU ARE A SOLE PROPRIETOR:  If yes, copies of Income and Expense Reports for Sole Proprietors for the past 12 months  (if applicable)

3.  Please send a SINGLE e-mail, including all required documentation, to the following CRBT e-mail:  sbappp@crbt.com. Please Note: We cannot accept DropBox or other cloud-based links to your application.  Only applications received in this mailbox will be processed

  • If you submit an application to our e-mail inbox and additional information is required, a CRBT representative will contact you.
  • If you have submitted an incomplete application, you MUST resubmit the entire package with the required information.  Multiple e-mails will not be accepted.   
  • CRBT must have a fully completed package before your application is entered in the queue for processing.    

3.  When and how will my application be processed?  

  • Because we expect a high volume of applications, CRBT will process each fully-completed application package in the order in which it is received in our sbappp@crbt.com mailbox.  
  • Upon completion of our satisfactory review of your application package, we will submit it to the SBA through their portal (as required by the SBA).  The SBA will then provide CRBT with a loan number and we will notify you of that loan number.  
  • We do not know the turnaround time for a reply from the SBA.  Application submissions may be delayed by factors out of our control such as limited access or technology issues with the SBA portal or delays in processing at the SBA.   
  • CRBT cannot guarantee that the SBA will approve an application.   

4.  If I receive a loan number, how and when will I receive my funds?  

  • CRBT will prepare loan documents for your signature.  You will be required to provide CRBT with any additional information we request. When all documentation is completed and signed, you will receive your loan funds.   
  • Because we expect a high volume of applications, it may take up to 14 business days after you have received an approval/loan number to receive your loan funds.   

5.  How long do I have to submit an application?  

  • As of April 3, 2020, the SBA has stated that the program will be available through June 30, 2020.  However, we do not know when the allocated funds will be exhausted.