COVID 19 RESOURCES AND INFORMATION
BNA BANK ANNOUNCES THE FOLLOWING PROMOTIONS
April 5, 2021
New Albany, Mississippi: On behalf of the BNA Bank board of directors, James R. Collins, Chief Executive Officer, announces the following promotions:
BNA Bank, established in 1896, is a state-chartered bank with approximately $650 million assets. It is one of the few ‘A’ rated banks by Weiss Bank Rating Services and was inducted into the Seifried and Brew Top 15th percentile of community banks. BNA has seven locations in Union and Lee counties and one loan production office in Lafayette county.
2021 LEE COUNTY MONEY FOR BOOKS
February 4, 20212021 LEE COUNTY MONEY FOR BOOKS
SBA Paycheck Protection Program News
January 8, 2021
As a Community Development Financial Institution, BNA Bank will be among a group of banks with exclusive access to the first 48 hours of the re-start.
Another round of PPP lending is on the way. The SBA has not yet set a date for when the program will reopen, however, community banks will be among the first to be able to extend loans.As a Community Development Financial Institution, BNA Bank will be among a group of banks with exclusive access to the first 48 hours of the re-start. To help expedite the lending process, BNA Bank is introducing an electronic application platform. You will be able to start your application through a link provided at www.bnabank.com. More details will follow.One new qualification for Second Draw PPP LoansThe SBA has issued guidance on the qualifications for Second Draw PPP loans. While many of the rules are the same as in the first round of PPP, there is one significant change. Borrowers will be required to demonstrate that they have experienced a revenue reduction of 25% or greater in 2020 relative to 2019. A borrower must calculate this revenue reduction by comparing the borrower’s quarterly gross receipts for one quarter in 2020 with the borrower’s gross receipts for the corresponding quarter of 2019. This is not the only requirement, but it could cause a delay in your application if you cannot provide evidence of at least a 25% reduction in revenue.If you are interested in applying for a PPP loan, we urge you to begin gathering documentation to support your 2020 revenue compared to 2019.We will make more information available on how to apply for a second round PPP loan as it becomes known to us.For more information, we urge you to visit sba.gov or treasury.gov. BNA BANK LOBBIES ARE OPEN, APPOINTMENT REQUIREDFor the safety and security of our customers and employees, we ask you to follow these procedures for entrance to the bank. These procedures will be in effect until further notice due to the COVID-19 Pandemic:
FRAUDULENT UNEMPLOYMENT CLAIMSCriminal enterprises have been attempting to file fraudulent unemployment claims through the MS Department of Unemployment Security system. This is part of a national unemployment fraud scheme. If you believe someone is using your identity to falsely claim unemployment benefits, contact your Human Resources department immediately or visit the MDES website to learn how to file a complaint with the MDES. You may also email: Safe@mde.ms.govPAYCHECK PROTECTION PROGRAM (PPP) INFORMATION
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.The loan amounts will be forgiven as long as:
Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.Loan payments will be deferred for 6 months.When can I apply?
Who can apply?All businesses – including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees can apply. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries (click HERE for additional detail).For this program, the SBA’s affiliation standards are waived for small businesses (1) in the hotel and food services industries; or (2) that are franchises in the SBA’s Franchise Directory (click HERE to check); or (3) that receive financial assistance from small business investment companies licensed by the SBA. Additional guidance may be released as appropriate.What do I need to apply?You will need to complete the application and submit the application with the required documentation by June 30, 2020. What other documents will I need to include in my application?You will need to provide payroll documentation.Do I need to first look for other funds before applying to this program?No. We are waiving the usual SBA requirement that you try to obtain some or all of the loan funds from other sources (i.e., we are waiving the Credit Elsewhere requirement).How long will this program last?Although the program is open until June 30, 2020, we encourage you to apply as quickly as you can because there is a funding cap and lenders need time to process your loan.How many loans can I take out under this program?Only one.What can I use these loans for?You should use the proceeds from these loans on your:
What counts as payroll costs?Payroll costs include:
How large can my loan be?Loans can be for up to two months of your average monthly payroll costs from the last year plus an additional 25% of that amount. That amount is subject to a $10 million cap. If you are a seasonal or new business, you will use different applicable time periods for your calculation. Payroll costs will be capped at $100,000 annualized for each employee.How much of my loan will be forgiven?You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.You will also owe money if you do not maintain your staff and payroll.
How can I request loan forgiveness?You can submit a request to the lender that is servicing the loan. The request will include documents that verify the number of full-time equivalent employees and pay rates, as well as the payments on eligible mortgage, lease, and utility obligations. You must certify that the documents are true and that you used the forgiveness amount to keep employees and make eligible mortgage interest, rent, and utility payments. The lender must make a decision on the forgiveness within 60 days.What is my interest rate?0.50% fixed rate.When do I need to start paying interest on my loan?All payments are deferred for 6 months; however, interest will continue to accrue over this period.When is my loan due?In 2 years.Can I pay my loan earlier than 2 years?Yes. There are no prepayment penalties or fees.Do I need to pledge any collateral for these loans?No. No collateral is required.Do I need to personally guarantee this loan?No. There is no personal guarantee requirement. ***However, if the proceeds are used for fraudulent purposes, the U.S. government will pursue criminal charges against you.***What do I need to certify?As part of your application, you need to certify in good faith that:
BNA BANK LOBBIES ARE OPEN BY APPOINTMENTNEW ALBANY, MISSISSIPPI: James R. Collins, Chief Executive Officer for BNA Bank, announced today that BNA Bank will take the necessary precautions, as outlined by the President of the United States and the CDC, to promote social distancing and help stop the spread of COVID-19.For the safety and well-being of our customers and employees, effective Friday, March 20, 2020 the following operational changes will be in effect until further notice:All BNA Bank lobbies will be open by appointment only until further notice. To make an appointment, customers may call 662-534-8171 (New Albany); 662-842-8005 or 662-842-4618 (Tupelo). Since Cash Advance Services on debit and credit cards are only offered in bank lobbies and not in the drive thru, Cash Advance Services on debit and credit cards are temporarily suspended. Customers should use ATM’s for their cash needs.In addition, all BNA Bank drive thru’s will open at 8:30 a.m. each day instead of 9:00 a.m.“BNA Bank is open,” remarked Collins. “This is certainly not a financial crisis, but a health crisis. We are still open for business. Customers must simply schedule an appointment to enter the bank at this time. We are implementing these operational changes only for the protection of our customers and employees.”#BNABankSalutes 2020 High School Graduates
Use the #BNABankSalutes when you share any High School graduation related picture or senior picture on Twitter, Instagram or Facebook between May 22, 2020 and June 5, 2020 and the High School Senior could win $250 in New Albany Main Street Dollars or Tupelo Downtown Dollars! We will select a winner in New Albany/Union county and a winner in Tupelo/Lee County.Who is eligible to win?Any Graduating High School Senior in Union or Lee County is eligible to win.Who can participate?Any graduating high school senior in Union and Lee County, or any grandparent, parent, family member or friend can share a picture of the senior with the hashtag #BNABankSalutes to enter the high school senior.How to enter?Any graduating high school senior in Union and Lee County, or any grandparent, parent, family member or friend can enter the contest by sharing a picture of the senior with the hashtag #BNABankSalutes on Instagram, Facebook and/or Twitter. Be sure to make the post public so we can share and tag us @bnabank!How many entries per senior?The number is limitless for each high school senior. However, each person sharing a photo with the hashtag #BNABankSalutes will only receive credit for one entry per social media account per senior.Here is an example of how entries are counted for “John B Smith”, New Albany High School Graduating Senior: