Business resources available during Coronavirus Pandemic

August 4, 2020

Dear C&F Payroll Protection Program (PPP) Customer:

As promised, we are keeping you informed as to next steps with your current PPP loan as well as the potential for new funding programs from the US Treasury to counter economic impacts of the COVID-19 pandemic.

While the SBA has announced it will begin accepting forgiveness applications on August 10th, 2020, new legislation is currently being debated in Congress that will likely impact procedures for these applications. Accordingly, we do not recommend that you begin completing the forgiveness application currently available on at this time given these discussions. Not only might the process change, but your business may also be eligible for a streamlined forgiveness process. We do recommend that you stay familiar with present PPP forgiveness eligibility requirements available at I am pleased to announce that C&F will provide an interactive digital forgiveness application process to PPP customers which will incorporate any late-breaking program changes as they occur. Your C&F Bank Relationship Manager will stay in touch with you and is always available for your PPP questions. They will also initiate the automated forgiveness application for you when you’re ready to start the process.

We are also closely following congressional proposals for additional economic stimulus legislation in response to the ongoing pandemic, including the potential for modifications to the PPP forgiveness process as well as discussions for new funding of the program. It’s still too early to predict specific outcomes of this legislation, so we’ll keep you posted on what develops. Again, your C&F Relationship Manager will stay in touch with you just as you’ve always come to expect and please don’t hesitate to call them if you have questions or concerns.

We are very grateful for your patience through this ever-changing environment and for the trust you place in us as your bank. Please count on us to stay in close touch with you on PPP developments and to do all we can to help your business endure, grow, and prosper during this challenging time in our nation’s history.


 Matthew's Signature

Matthew H. Steilberg
Director of Retail Banking
C&F Bank

CARES Act Summary of Impact on Small Businesses

On April 24, the President of the United States signed into law the Paycheck Protection Program and Health Care Enhancement Act to provide supplemental funding for federal coronavirus (COVID-19) response programs and activities. Please access the following link to find out more on how C&F Bank will assist customers who have potential questions or interest in these programs, including the SBA’s Payroll Protection Program (PPP). Due to the uniqueness of this program and demand, C&F is not engaging Agents and will not pay Agents for assistance they provide an applicant in obtaining a PPP loan.

SBA Payroll Protection Program

The SBA's Payroll Protection Program (PPP) is part of the recently passed CARES Act and subsequent Paycheck Protection Program and Health Care Act. The following instructions will help you complete your application and collect/submit required documentation so that we can accurately, quickly, and fully process your request. Incomplete applications and/or missing documentation will result in request for additional information and delays. We strongly encourage borrowers to only submit complete applications with full documentation to ensure timely processing.

US Treasury PPP Borrower Fact Sheet

Payroll Protection Program Application

  • This form must be fully completed, either electronically or in writing, required certifications initialed by all 20% or greater owners, signed by an authorized representative of the business, and signed by the owner(s) of the business
  • Please complete the PPP Checklist and Calculator below, selecting one of the two tabs at the bottom for your appropriate designation – small business or sole proprietor/independent contractor.
  • Your calculated “Eligible PPP Loan” from this calculator must match the amount you request on your application.
  • You must submit your completed PPP Checklist and Calculator and required documents with your application by:
    • Electronic signature(s) and initial(s) by email to your C&F Relationship Manager OR
    • Handwritten signature(s) and initial(s), then scanned/emailed to your C&F Relationship Manager OR
    • Physically delivered to your C&F branch or Relationship Manager
  • Incomplete applications and missing documentation will result in request for additional information and delays. We strongly encourage borrowers to only submit complete applications to ensure timely processing.

PPP Application

C&F PPP Checklist and Calculator

Average Monthly Payroll Costs Calculation

This is calculated by the sum of eligible costs minus sum of excluded costs. Your maximum eligible loan amount is 2.5 times this monthly average calculation for 2019 or the trailing 12 months. Please speak with us for further instructions if your business was not in operation for all of 2019.

Eligible Payroll Costs to include in your calculation

  • Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee);
  • Employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit;
  • State and local taxes assessed on compensation; and
  • For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee

Ineligible Payroll Costs – these should NOT be included in your calculation

  • Compensation of an individual employee in excess of an annual salary of $100,000, as prorated for the period February 15, to June 30, 2020
  • Payroll taxes, railroad retirement taxes, and income taxes
  • Any compensation of an employee whose principal place of residence is outside of the United States
  • Qualified sick leave wages for which a credit is allowed under section 7001 of the Families First Coronavirus Response Act (Public Law 116– 5 127); or qualified family leave wages for which a credit is allowed under section 7003 of the Families First Coronavirus Response Act

Thank you for your interest in the SBA Payroll Protection Program. We encourage you to visit for further information and please feel free to contact us at 800.296.6246 or your local C&F Branch if you have additional questions.

Contact C&F Bank Branches 

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