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Coronavirus (COVID-19) Update

Paycheck Protection Program Update - 12/29/20

Thank you for your patience as we continue to learn more about changes to the Paycheck Protection Program (PPP). Congress and the President have just passed a new stimulus bill. Our next step is for the Small Business Administration (SBA) to issue the new rules and forms for the Paycheck Protection Program (PPP).

Important highlights included in the new stimulus bill:

  • Reopening of the Paycheck Protection Program (PPP)
  • Second PPP Loans allowed up to $2 million
  • Check eligibility requirements - less than 300 employees; and reduction in gross receipts of 25% or more in the first, second or third quarter of 2020 relative to the same quarter in 2019
  • Second Loan amounts based on 2.5 times average monthly payroll costs, although some food service and accommodations businesses could be approved up to 3.5 times average monthly payroll costs
  • Expansion of covered expenses to include software, cloud computing resources, human resources and accounting needs, as well as property damage cost due to public disturbances that were not covered by insurance, supplier costs and personal protective equipment (PPE) costs
  • Creation of a simplified Loan Forgiveness Application for PPP loans under $150,000
  • Repeal of a previous CARES Act provision that required small businesses to deduct any Economic Injury Disaster Loan (EIDL) advances from PPP loan forgiveness

Once SBA has issued guidance, we will be able to provide additional specifics on required documentation. While we do not have a specific timeline for these events, we are anticipating that the program will be available sometime in January 2021.

As we close out 2020, in what has been an 'Unprecedented Year,' we want to extend our best wishes to all for a safe and happy holiday season and a bright and prosperous New Year in 2021.

Paycheck Protection Program Forgiveness Information - 6/30/20

The Small Business Administration and Treasury have not released full details on how to process the loan forgiveness applications. We are awaiting further guidance on application submission to SBA. Once that information is provided to us, we will update you on the loan forgiveness application process with Sonabank here on our website and via email.

On June 3, 2020, the Senate passed H.R. Bill 7010, the Paycheck Protection Flexibility Act. This bill adds new flexibility on spending PPP loan proceeds for PPP borrowers. This new bill contains several new provisions:

  • The period for funds to be spent on payroll will be extended from the original 8 weeks to 24 weeks or end of the year, whichever is earlier.
  • The percentage of funds borrowers may spend on payroll will be lowered from 75% to 60%.
  • The date to rehire workers will be extended to June 30, 2020.
  • For any new PPP loans, the loan terms now extend to 5 years.  

We are waiting on the SBA to issue further guidance on these changes. We will update you when the new information is available. As new information is made available by the SBA, we will provide that to you here.

Paycheck Protection Program Forgiveness Information - 6/15/20

Thank you again for allowing Sonabank to provide you with your Paycheck Protection Program (PPP) loan. Our goal is to help you and your business maximize the loan forgiveness to best position you for success.  

On Friday, June 5, 2020, the Paycheck Protection Program Flexibility Act (PPPFA) was signed into law as an attempt to address many concerns expressed by the small business community around the Paycheck Protection Program aimed at providing COVID-19 relief. 

The new bill contains several changes:

  • The percentage of funds borrowers are required to spend on payroll was lowered from 75% to 60%
  • The time period for funds to be spent on payroll will be extended from the original 8 weeks to 24 weeks or end of the year, whichever is earlier
  • The date to rehire workers will be extended from June 30, 2020 to December 31, 2020
  • For any new PPP loans approved on or after June 5, 2020, the loan term is now 5 years

You can find additional information about the Paycheck Protection Program by visiting the U.S. Treasury website.

We understand that you may be anxious to begin the PPP loan forgiveness process. However, at this time there is nothing that you need to do. We are waiting for the new forgiveness application from the SBA and will send you an email with instructions to follow when we need for you to provide us with additional information. We are eager to provide you additional information, however we are waiting on final details of the Paycheck Protection Flexibility Act. 

Once we have clear guidance on the final forgiveness rules, a link to Sonabank's loan forgiveness application will be distributed to the email address of the individual that you designated to manage and upload documentation for the PPP loan within the Sonabank website.

Again, we thank you for choosing Sonabank as your PPP loan provider. If there is anything additional we can do to help you through this time, please let us know. As some of the guidance from the SBA and Treasury may continue to change, we expect additional questions may arise. If you have any questions, please email us at [email protected] and know that we are in this together.

Paycheck Protection Program Forgiveness Information - 5/13/20

On behalf of Sonabank, we want to thank you for choosing us to help you with your recent PPP loan. We know this has been a stressful time and we are thankful for your business. There are numerous questions around the forgiveness of the PPP loan and we wanted to keep you informed of the guidelines concerning your loan.

At this time, the SBA has not issued final guidance on all the details surrounding PPP loan forgiveness. There are questions that still need to be answered and you can be assured that your bankers are seeking clarity. However, we wanted to take the opportunity to remind you of some key points as we understand them today, May 13, 2020.

PPP forgiveness criteria may change during your 8 week covered period. Sonabank will follow the protocol set forth by the SBA as it pertains to your PPP Loan.  

The SBA recently clarified that the 8-week period begins on the date you received the disbursement of the loan. The CARES Act states that during your 8 week period the sum of the following costs incurred and payments made will be eligible for forgiveness:

  • Payroll costs
  • Any payment of interest on any mortgage obligation (not including any prepayment of or payment of principal on a mortgage obligation) that was incurred before February 15, 2020,
  • Any payment of rent under a leasing agreement in force before February 15, 2020,
  • Any utility payment, including payment for the distribution of electricity, gas, water, transportation, telephone, or internet access for which service began before February 15, 2020.

In recent guidance, the SBA stated that no more than 25% of the forgivable amount of a PPP loan can be attributable to non-payroll costs.  Payment is deferred for 6 months on your PPP loan. Any portion of a PPP loan that isn't forgiven must be repaid over the remaining 18 months at an interest rate of 1%.

Since information and guidance on PPP loan forgiveness is still evolving, we are encouraging our clients to visit the Department of the Treasury website for the latest information. Your lender will be in touch with you closer to the end of the 8 week period to discuss next steps. We expect some or all of the following documentation will be necessary to process the forgiveness:

  • Payroll reports with corresponding bank statements or cancelled checks

Documentation in the form of canceled checks, payment receipts, and bank statements showing payment of the following items from the date of funding through the following 8 weeks. 

  • Mortgage Interest
  • Rent Payments
  • Utilities
  • Invoices

For questions about payments or payoffs on your PPP loan, please contact your local branch or our Customer Care Center at 888.464.2265

Again, we thank you for choosing Sonabank as your PPP loan provider.  If there is anything additional we can do to help you through this difficult time, please let us know. Be well.


Dennis Zember Jr.

President and CEO


Paycheck Protection Program (PPP) Update - 4/27/20

Today, we anticipate submitting the completed applications that we have received to the SBA when the second round of funding for the Paycheck Protection Program (PPP) becomes available at 10:30am.  Our team has been working around the clock, literally, to have as many of our customers ready for SBA funding and as soon as we receive confirmation on your funding being secured, we will reach out to you with notifications.  We have already begun working on closing documents and we will not stop working until we close your loan and provide your funding.

We understand that businesses throughout our community and nation have been looking to the Paycheck Protection Program for assistance during this challenging time.  We are very grateful for the opportunity to participate with the SBA on this effort and deeply value the relationship with each of customers. Please know that we are here to support you in any manner that we can.


Dennis J. Zember, Jr.

President & CEO


A Message from the President & CEO of Sonabank

Dear Valued Customer,

I know you are getting an enormous amount of information as we adjust to this unforeseen shock to our country.  Every one of us knows somebody, or some local business, that has been affected by the spread of COVID-19.

I want to assure you that at Sonabank, we are doing everything in our power to protect you as well as our employees and their families.  We have closed our branch lobbies but continue to operate normal hours in our drive-thru locations. Branches that do not operate a drive-thru are offering reduced lobby hours.  Additionally, in-branch appointments can be made if you require service that cannot be accommodated in the drive-thru lanes.  It is our hope and prayer that we can quickly see a slowing trend in the spread of the virus and that our nation can return to normal.

With the economic impact being felt very deeply, we understand that many of you might be concerned with your money.  We want to assure you that your money is safe at Sonabank, fully insured up to the FDIC limit.  Additionally, we are warning customers about the increase in scams and fraudulent efforts on the parts of criminals who are using this disruptive moment for their own gain. 

Your financial situation is very important to us and we want you to know that we are committed to helping our customers who are dealing with a hardship related to this pandemic. We are here to help you on an individualized basis whether you need support personally or for your business.  As you probably are aware, the Small Business Administration (SBA) announced they are offering Disaster Assistance Loans for Small Businesses impacted by Coronavirus (COVID-19) and we can help you navigate that process if you are interested.

If you have an issue or question, please reach out to your banker and lets work together to find the best solution in this difficult time. Our Customer Care Center can be reached at 1-888-464-2265 or you can text me at 804-206-9662 (including your first and last name please for reference purposes). 

Lastly, I would encourage you as much as possible to remain positive, to constantly encourage others and to stay mindful and prayerful for those individuals affected and for our great nation.

We look forward to continuing to serve you. Be well.


Dennis Zember, Jr.

President & CEO




We want to make sure that possible service disruptions are minimized. To deliver on our commitment to you, we are immediately taking the following steps:

  • We are actively reviewing our existing business continuity plan and staying abreast of recommendations from the Center for Disease Control (CDC), along with state and local health officials. 
  • Currently, all of our branches remain open but our operating with some modifications.
    • For branches that do not have drive-thrus, our hours have been reduced to Monday - Friday, 9:00am - 1:00pm.
    • We will temporarily close the branch lobbies at locations that do offer drive-thru services and operate drive-thru only. The drive-thru hours will not change at this time.  
  • If you do need to meet in person, we will offer appointments to do so. Please check our website to see changes to our hours at each of our locations or call your local branch.
  • If there is any disruption to services or our locations, we will provide updates to you and will also share information on our website and social media.

If you or your business have been negatively affected by COVID-19, we are here to assist you. Please don't hesitate to reach out to your personal banker, local branch or call our Customer Care Center. We are here to help you during this time.


Please be very cautious about communications and claims you may receive about COVID-19 by text, email or phone.  Unfortunately, there are individuals who use difficult situations like this to exploit others, so we strongly advise staying informed about scam activities by visiting the Federal Trade Commission website here. You can also click here for a list of common scams and how to avoid them.


Sonabank will continue to monitor the situation of this virus through local, state and national health agencies. Like you, our primary focus is keeping everyone healthy and safe. If you have questions about Coronavirus, visit the Center for Disease Control (CDC) and the World Health Organization (WHO), as they are good sources for information.


We are prepared and stand ready to provide you with the best possible level of service. Depending on your preference, below are several ways you can access your account with Sonabank conveniently from your home:

  • Online & Mobile Banking: You can access your account on your mobile device or computer 24/7 at or through the mobile app. 
  • Telephone Banking: Access your account 24/7 by calling (800) 789-6097.
  • Customer Care Center: Our Customer Care Center is open Monday - Friday, 8:00am - 7:00pm, and Saturday, 9:00am - 5:00pm. You can reach them by calling (888) 464-2265. We also offer a chat service through our Customer Care Center. Visit to utilize chat. The chat feature operates on the same hours as our Customer Care Center. Email us with questions or concerns at [email protected]