Coronavirus Resources from Mars Bank

Mars Bank Response to the COVID-19 Impact

As a community bank, Mars Bank is always focused on our neighbors – our customers and all those who call our communities home. We are all feeling the impact of the COVID-19 pandemic. Mars Bank remains open and is balancing the health and wellbeing of our customers and staff while maintaining our customers’ ability to conduct banking tasks. Click the boxes for links to bank resources:


Message from CEO Jim Dionise

Consumer Customer Financial Assistance Programs

Business Customer Financial Assistance Programs

Banking Center Hours and Access

Remote Banking Options

Government and Community Resources

We appreciate the cooperation of our customers and the dedication of our staff during this difficult time. If you have questions regarding the bank’s response to the pandemic, call our customer service helpline at 724-625-1555 ext. 287 between 8:00am – 6:00pm Monday – Friday and 9:00am – 1:00pm Saturday. After business hours email us.


Bank Updates in Response to Pandemic Impact

February 22, 2021

Update: SBA Announces Window for PPP Applications for Employers of Fewer than 20 Employees

On Wednesday, February 24, 2021 at 9 am ET, SBA will establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. This will give lenders and community partners more time to work with the smallest businesses to submit their applications, while also ensuring that larger PPP-eligible businesses will still have plenty of time to apply for and receive support before the program expires on March 31, 2021.

Access the SBA website for full information on this small business application window: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources


February 22, 2021

Update: SBA Guidance Updates Regarding PPP Loans and Forgiveness

The Small Business Administration (SBA) continues to update the guidance and application forms for Paycheck Protection Program (PPP) loans and forgiveness. Please use the links to access updated applications and instructions.  It is important you use the most current application.  

Second-Draw PPP Loans

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program/second-draw-ppp-loans

The Paycheck Protection Program now allows certain eligible borrowers that previously received a PPP loan to apply for a Second-Draw PPP Loan with the same general loan terms as their First-Draw PPP Loan. 

Second-Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Maximum loan amount and increased assistance for accommodation and food services businesses

For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. For borrowers in the Accommodation and Food Services sector (use NAICS 72 to confirm LINK TO https://www.census.gov/eos/www/naics/ ), the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.

First-Draw PPP Loans

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program/first-draw-ppp-loans

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. First Draw PPP Loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.

  • PPP loans have an interest rate of 1%.
  • Loans issued prior to June 5, 2020 have a maturity of two years. Loans issued after June 5, 2020 have a maturity of five years.
  • Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower’s loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).
  • No collateral or personal guarantees are required.
  • Neither the government nor lenders will charge small businesses any fees.

PPP Loan Forgiveness
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program/ppp-loan-forgiveness

First-Draw PPP Loan Forgiveness Terms

First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60 percent of the proceeds are spent on payroll costs

Second-Draw PPP Loan forgiveness terms

Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8-to-24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60 percent of the proceeds are spent on payroll costs

How and when to apply for loan forgiveness

A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.

Contact the Mars Bank Commercial Banking Team at 724-625-1555 x250 to discuss your situation.


February 10, 2021 Update

Mars Bank Banking Center Lobbies Open for Walk-in Activity on Tuesday, February 16, 2021

Mars Bank lobbies will fully reopen on February 16, 2021 for walk-in activity. However, we encourage you to conduct routine transactions at the drive-thru when possible. Also, continue to schedule appointments with our banking center staff to avoid wait times. Social distancing guidelines mean reduced numbers of customers are permitted in the banking center at one time. Wait times may occur, including being asked to wait in your car. Contact us with questions or to schedule an appointment.

Safety Protocols in Place

We are continuing to adhere to all Pennsylvania Department of Health and Center for Disease Control guidelines including maintaining social distancing, using protective barriers, wearing masks, and cleaning and disinfecting all surfaces. In addition to wearing a mask, we do ask that if you are feeling any symptoms or have been exposed to COVID-19, you not visit a banking center lobby.

Visit www.MarsBank.com/convenient-locations/ for all lobby and drive-thru hours, as well as information regarding complete lobby safety guidelines. 

Thank you for your understanding as we work together to mitigate the impact of COVID-19.


January 14, 2021 Update

Update Regarding Paycheck Protection Program – SBA Portal Open for Mars Bank on January 15

Mars Bank is accepting first and second draw PPP loan applications for processing and will begin submitting applications to the SBA on January 15, 2021. Applications will be processed and submitted for approval through the SBA portal in the order they are received. 

To submit a PPP loan application, fill out the application from the SBA website (link to first and second draw applications below) and submit it by:

  1. Emailing a PDF of the completed application directly to your commercial banking officer or banking center manager. Call us at 724-625-1500 x250 for email information.
  2. Scheduling an appointment at a banking center to submit a printed application and supporting documents.

We encourage you to fully review the guidelines, application forms for first and second draw loans, and FAQs available on the SBA website by clicking here.

Download the updated PPP first draw loan application here. 

Download the new PPP second draw loan application here. 

The SBA and Treasury Department announced there are sufficient funds available to meet the demand and that due to additional compliance review of the loan applications by the SBA, the process may take longer than the first round of PPP loan processing.

Please visit this page or our business assistance page to stay up-to-date. Please contact your Commercial Banking Relationship Manager or call us at 724-625-1555 x250 with any questions regarding the program.


January 7, 2021 Update

Update Regarding Paycheck Protection Program – SBA Interim Rules for PPP Relaunch

The Small Business Administration (SBA) released interim final rules regarding the pending relaunch of the Paycheck Protection Program (PPP). However, the SBA did not announce the date on which it will reopen its portal for applications for this $284 billion round of funding. A link to the information released on the SBA website is below.

The SBA is including rules that provide specific provisions for small businesses and community banks such as Mars Bank. The SBA will:

  • accept PPP loan applications only from community financial institutions for at least the first two days when the PPP loan portal re-opens,
  • provide $15 billion across first and second draw PPP loans for lending by community financial institutions,
  • provide $35 billion for new first draw PPP borrowers, and
  • provide $15 billion and $25 billion for first draw and second draw PPP loans, respectively, for borrowers with a maximum of 10 employees or for loans less than $250,000 to borrowers in low-or moderate-income neighborhoods. The SBA has determined that at least 25 percent of each of those set-asides will go to each one of the groups: loans to borrowers with a maximum of 10 employees and loans less than $250,000 to borrowers in low-or moderate-income neighborhoods.

The program will run through March 31, 2021 or until the new funding is exhausted.

‌Information for Second Draw Borrowers

The eligibility requirements for a “second draw” PPP loan (PPP2) based on current SBA guidance are as follows. The borrower must:

  • spend the full amount of the first PPP loan before receiving the PPP2 loan,
  • employ no more than 300 employees per physical location,
  • demonstrate a 25% or more reduction in gross receipts in any quarter during calendar year 2020 as compared to the same 2019 quarter.

At this time the application and final rules for PPP2 are not yet available on the SBA website. Borrowers considering a PPP2 loan are encouraged to review the program requirements and borrower information fully before applying for a “second draw” loan. We will be providing links to the application, instructions and FAQ’s when they are available.

Read the guidance on PPP loan access released on January 6, 2021 on the SBA website.   

Mars Bank is currently reviewing the legislation and will update our website once the new guidance is finalized. Please visit this page or our business assistance page to stay up-to-date. Please contact your Commercial Banking Relationship Manager or call us at 724-625-1555 x250 with any questions regarding the program.


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