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ALERT: NOTICE OF ANNUAL MEETING

An Annual Meeting of Stockholders of CBM Bancorp, Inc., the holding company
for Chesapeake Bank of Maryland, will be held at the Main Office of Chesapeake Bank
of Maryland, 2001 East Joppa Road, Baltimore, Maryland, on May 12, 2021, at 10:30
a.m., Eastern Time.


Baltimore, Maryland
February 22, 2021


ALERT: Coronavirus: Health and Safety Announcements

Chesapeake Bank of Maryland branch lobby areas are available by appointment only due to COVID-19. We are limiting transactional banking services and will be increasing our drive-thru capabilities. Many in-branch transactions can now be completed in branches with drive-thru service. Current branch banking hours remain in effect. For details on locations and services, click here. Please check our website daily for further updates as COVID-19 is a fluid situation. Thank you for your understanding.


Payroll Protection Program

POSTED 1/13/2021

The federal government has approved additional PPP funding to aid small businesses during the pandemic. Depending on your situation, you can apply for a ”first draw” PPP loan, a “second draw” PPP loan or modify an existing first draw PPP loan if you meet certain eligibility requirements. You should also consult a tax professional before you apply.

Important details:

  • To apply with us, you must be a Maryland based corporation as of January 1, 2021
  • The SBA requires that your business must have been in operation on February 15, 2020 and not be permanently closed to be eligible for a PPP loan
  • Additional eligibility requirements exist depending on if you apply for a first draw PPP loan or a second draw PPP loan

Depending on your business situation, there are different paths to apply for PPP funding. Before you apply, know which PPP loan path you are eligible to apply for.

First draw PPP loans – Download the SBA Application HERE

First-draw PPP loans are available to eligible businesses that have not previously received PPP funds. General first draw PPP loan eligibility information:

  • Your business was in operation on February 15, 2020, is not permanently closed and;
  • Your business meets the SBA industry size standards or meets the SBA alternative size standards or has more than 500 employees per location (including affiliates), including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors and;
  • Your business has not previously taken PPP loan funds

First draw loan terms

  • Loan amounts up to $10 million, equal to 2.5 times your average monthly payroll*
  • Loan funds can be used during a period of 8 to 24 weeks (not limited to an 8 or 24 weeks), known as the covered period
  • PPP loans can be fully forgiven after the covered period if at least 60% of the loan funds are used for payroll costs, with no more than 40% used for certain non-payroll costs and you maintain employee compensation levels

Second draw PPP loans – Download the SBA Application HERE

Second draw PPP loans (a second PPP loan) are PPP loans that are designed to help hard-hit small businesses with a second PPP loan. Second draw PPP loans have additional eligibly requirements:

  • Your business was in operation on February 15, 2020, is not permanently closed and;
  • Your business is an eligible business:
    • Businesses with no more than 300 employees (including affiliates), including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors or
    • Businesses with NAICS codes starting with 72, such as hotels and restaurants, and new businesses must have no more than 300 employees per location or
    • Certain new organizations or non-profit broadcast entities must have no more than 500 employees and;
  • Your business experienced at least a 25% reduction in gross revenue/receipts for any one quarter in 2020 relative to the same quarter in 2019 or the full year 2020 relative to 2019 and;
  • Your business must have used the full amount of your existing PPP funds by the time your second draw PPP loan is funded

Second draw loan terms

  • Loan amounts up to $2 million, equal to 2.5 times your average monthly payroll* (3.5 times for NAICS codes starting with 72, such as hotels and restaurants)
  • Loan funds can be used during a period of 8 to 24 weeks (not limited to an 8 or 24 weeks), known as the covered period
  • PPP loans can be fully forgiven after the covered period if at least 60% of the loan funds are used for payroll costs, with no more than 40% used for certain non-payroll costs and you maintain employee compensation levels

The SBA includes additional eligibility and loan information, depending on your business type and/or situation. Learn more at the SBA.gov

* Please note that the average monthly payroll is calculated the same as the last time and the following payroll costs are excluded:

  • Federal employment taxes imposed or withheld during the applicable period, including the employee’s and employer’s share of FICA, and federal income taxes required to be withheld from employees; and
  • Any compensation of an employee whose principal place of residence is outside of the United States; and
  • The compensation of an individual employee in excess of $100,000 on an annualized basis

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