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COVID-19 Resources

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If you are facing a financial hardship due to the COVID-19 pandemic, we’re here to help. Below is information and resources we can use to help you bridge the gap between now and what’s next.

 

IRS Stimulus Checks | Business Resources  |  Consumer Resources

 

Business Resources

If my business is experiencing hardship as a result of the virus, what resources are available?

The Coronavirus Aid, Relief, and Economic Security (CARES) Act has provided several options for individuals and businesses to manage finances through the COVID-19 pandemic. Your banker can help sort through the options to find the best solutions for you.

 

Ethnic Minority Emergency Grants

In response to the strain placed on small businesses by the COVID-19 pandemic, WEDC has funded the Ethnic Minority Emergency Grant (EMEG) initiative, which grants $2,000 per company to ethnic minority-owned businesses with five or fewer full-time equivalent employees in the retail, service or hospitality sectors that have have not received assistance through the Small Business 20/20 Program or the federal CARES Act and/or Paycheck Protection Program. Applications will be accepted from May 18-24, 2020.

For more information, click here

 

US Small Business Administration (SBA) Paycheck Protection Program

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $349 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. The administration soon will release more details including the list of lenders offering loans under the program. In the meantime, the U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed individuals prepare to file for a loan. 

The first round of the funds from the PPP were exhausted in mid-April, but as of April 27, 2020, businesses can now apply for the second round of funding of $320 billion. It is expected that funds from this round will not last long, so be sure to apply quickly if you have not done so already.

To access the application for the Paycheck Protection Program, click here

To access the application for PPP forgiveness, click here.

 

PPP Safe Harbor

The most recent rule issued by the Small Business Administration contains the following safe harbor that has been created for businesses that may want to pay back PPP funds prior to using them. The full statement from the SBA is below in bold:

5. Limited Safe Harbor with Respect to Certification Concerning Need for PPP Loan Request

Consistent with section 1102 of the CARES Act, the Borrower Application Form requires PPP applicants to certify that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”

Any borrower that applied for a PPP loan prior to the issuance of this regulation and repays the loan in full by May 18, 2020 will be deemed by SBA to have made the required certification in good faith.

The Administrator, in consultation with the Secretary, determined that this safe harbor is necessary and appropriate to ensure that borrowers promptly repay PPP loan funds that the borrower obtained based on a misunderstanding or misapplication of the required certification standard.

If you would like to take advantage of the safe harbor that has been created, please contact the banker that you submitted your application to.

 

US Small Business Administration (SBA) Economic Injury Disaster Loans

The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).  Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.  Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available statewide to small businesses and non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19). This will apply to current and future disaster assistance declarations related to Coronavirus.  SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to submit the request for Economic Injury Disaster Loan assistance. For details of this program please reference click here.

 

Park Bank Loan Structure Options

Please check with your business banker, private banker, or business services representative on options that may be appropriate for you on your current loans with the bank, or if you need access to additional resources.  For more information on links to Coronavirus (COVID-19) please continue to check back to our website and reach out to your individual banker here on what may work for you and your business.

For detailed information about all of the CARES Act programs designed for Small Businesses, click here.

 

What can I do today to make sure my business stays strong?

  1. Contact your banker if you are experiencing or expect to experience cash flow issues. We are here to help and have stayed current on the programs that have been put in place to support your business through these times.
  2. Plan for the next three to six months. We do not know how long this situation will continue, so you will want to plan for the potential lengthening or expansion of the Safer at Home requirements, as well as how you will manage the recovery and re-opening of your business should you need to close.
  3. Gather the documentation you will need to provide to a lender to prepare for a loan application, including for loans created through the CARES act.
    1. Not sure what documentation you will need? Contact your banker.
    2. Even if you do not believe you will need a loan, be prepared in case the current situation goes on longer than expected.
  4. Do not draw on lines of credit unnecessarily. The financial system remains stable and has plenty of liquidity, so it is best to keep excess cash in insured financial institutions like Park Bank, and to maintain your lines of credit until you absolutely need to access them.
  5. Be patient. Park Bank wants to help you through these unprecedented times, but it can take time to put new programs in place.

 


 

Consumer Resources

What are my options if I can’t make payments on my mortgage, installment loan, or credit card?

We are here to help. Contact us at 608.301.8648 and a banker will discuss your situation and develop a plan for you.

 

Can I still refinance my home?

Our Mortgage Advisors are hard at work an able to assist you in refinancing your home. The current rate environment has led to an increase in refinance activity, so if you are looking to refinance your home, you can expect that turnaround times may be slightly longer due to increased applications.

 

Does the economic impact of COVID-19 affect the safety of my deposits?

Park Bank is built to sustain during challenging times like these, so we can assure you your funds are safe with us. That said, we recognize that our clients want to be sure their accounts are secure in the event of a bank closure, which is why the FDIC is in place. No depositor has ever lost a penny of FDIC insured funds. The FDIC insures funds up to $250,000 per depositor, per insured bank, per ownership category. That means that even if you have more than $250,000 on deposit with a single bank, your funds may all be covered, depending on the different types of accounts you hold, as well as the titling on those accounts. If you have questions about the FDIC coverage of your deposits with Park Bank, click here or contact your banker and they can assist you. 

 


 

IRS Stimulus Checks

The Federal government has begun distributing Economic Impact Payments. According to the IRS, they will be dispersed automatically, with no action required for most people. If you normally receive your tax refund via direct deposit, it should be credited to your account automatically.

If you do not have your bank account information on file with the IRS, you will most likely receive a paper check. There are three (3) ways to deposit it with us:

  1. MOBILE DEPOSIT: Deposit your check through the Park Bank mobile app. (Available for Apple® and Android™ mobile devices.)
  2. DRIVE-THROUGH: Our drive-through banking locations and hours are available here.
  3. BANK BY MAIL: You can mail your check to your Park Bank location.

Fraud Warning: There has been a recent rise in financial scams lately. The bank, the IRS, or any other government agency will not call, text, email, or contact you on social media to ask for any personal or bank account information. If you suspect you’ve been a victim of financial fraud, call us at 608.278.2801.

To check on the status of your Economic Impact Payment, click here

For more information about the Economic Impact Payments, click here, or click here and click on Economic Impact Payments.

 

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