COVID-19 Updates


Wednesday, June 3rd

Provided by the Iowa Bankers Association

Treasury Department resolves issues with EIP prepaid debit cards (June 2, 2020): The U.S. Treasury Department has resolved several problems with the Economic Impact Payment prepaid debit cards it used to distribute coronavirus stimulus payments. The debit cards have been sent to about 4 million Americans in the past few weeks and nearly all of the cards have been mailed out. Many people threw the cards away, believing they were a credit-card solicitation or a scam. To replace a lost or stolen card, consumers should call 800-240-8100 and press “2” when prompted for a lost or stolen card, and enter the last six digits of their Social Security number. The Treasury Department also said it has increased the daily limit for cash withdrawals from $1,000 to $2,500; allowed recipients to transfer all of the money from their EIP card to a bank account for free; and verified that cards issued with an incorrect last name (such as a spouse’s name) are still valid.

Please contact a customer service representative with questions.

Thursday, May 28th

The Small Business Administration (SBA) has released the Loan Forgiveness Application for the Paycheck Protection Program (PPP) loans.

With some parts of the application being self-explanatory, and other parts being very complex, the SBA promises they will issue further guidance to assist borrowers as they continue to go through applications.

As we wait for the promised guidance, we strongly encourage you to:

  • Familiarize yourself with the application
  • Document your expenses from your business checking account
  • Begin collecting current and prior payroll information
  • Keep track of your progress by utilizing the Checklist we've created for you

Things continue to change, and we will continue to notify you of these changes and new information released about the PPP loans as we receive it. We are also frequently updating this blog with new information, so please check here for the most up-to-date information.

Previously posted guidance:

Access the Paycheck Protection Program Loan Forgiveness Instructions and Application

Application Instructions Summary

Tuesday, May 26th

Provided by the Small Business Administration (SBA)

SBA and Treasury released two new Interim Final Rules Friday (May 22nd) night.

The Interim Final Rule on Loan Forgiveness can be found here. It provides some additional details on the loan forgiveness process, but one item we want to highlight is the decision to now allow bonuses and hazard pay as part of forgivable payroll.

  • Are salary, wages, or commission payments to furloughed employees; bonuses; or hazard pay during the covered period eligible for loan forgiveness? (From page 11 of the Interim Final Rule on Loan Forgiveness)
    • Yes. The CARES Act defines the term “payroll costs” broadly to include compensation in the form of salary, wages, commissions, or similar compensation. If a borrower pays furloughed employees their salary, wages, or commissions during the covered period, those payments are eligible for forgiveness as long as they do not exceed an annual salary of $100,000, as prorated for the covered period. The Administrator, in consultation with the Secretary, has determined that this interpretation is consistent with the text of the statute and advances the paycheck protection purposes of the statute by enabling borrowers to continue paying their employees even if those employees are not able to perform their day-to-day duties, whether due to lack of economic demand or public health considerations. This intent is reflected throughout the statute, including in section 1106(d)(4) of the Act, which provides that additional wages paid to tipped employees are eligible for forgiveness. The Administrator, in consultation with the Secretary, has also determined that, if an employee’s total compensation does not exceed $100,000 on an annualized basis, the employee’s hazard pay and bonuses are eligible for loan forgiveness because they constitute a supplement to salary or wages, and are thus a similar form of compensation.

Tuesday, May 26th

Beginning Monday, June 1st, all Frontier Bank lobbies will be reopening! We're excited to welcome you back, while keeping the health and safety of you and our employee's high priority. We're taking the following precautions to keep everyone safe:

  • Wellness advisory signs are posted at our entrances, encouraging those who do not feel well or have recently traveled to a high-risk area to visit at a later date, or use an alternative to in-person banking (ITM, Mobile Deposit, night drop, call or email).
  • Plexiglass dividers have been added to our teller stations, conference rooms and a few of our bankers' desks
  • Lobbies will be limited to 3 customers at one time, and bankers' desks will be limited to 2 customers at one time
  • Floor decals have been placed in our lobbies to encourage social distancing
  • We've implemented enhanced cleaning and sanitation measures including:
    • sanitizing stations have been added to bank entrances for customer use
    • employees will be cleaning teller stations and desks between each customer
  • We are highly encouraging masks when social distancing cannot be met; however, we are not requiring customers or employees to wear them

We truly appreciate your understanding and cooperation during this unprecedented time. If you have questions about our safety efforts or the reopening of our locations, please contact us.

Wednesday, May 20th

Provided by the Iowa Bankers Association

Only $100 billion left in Paycheck Protection Program (PPP) funding (May 19, 2020): As of Saturday, the U.S. Small Business Administration has approved more than 2.7 million Paycheck Protection Program loans totaling more than $195 billion during the second round of funding. The IBA was informed Monday that there is $100 billion left in funds. The average loan size during the second round of the program was $70,622. Lenders with more than $50 billion in assets accounted for more than $102.5 billion in loans. Lenders with less than $10 billion in assets accounted for nearly 63 billion in loans. Lenders with assets between $10 billion and $50 billion accounted for nearly $30 billion in loans. Through both rounds, the SBA has guaranteed more than 4.3 billion loans amounting to more than $513 billion. Iowa financial institutions have had 53,419 PPP loans approved, totaling $5.04 billion over the course of the program.

Documents previously provided by the SBA:


PPP Overview

PPP Information for Borrowers

Please contact your local lender with questions, or to submit an application.

Tuesday, May 19th

Provided by the Small Business Administration (SBA)

Paycheck Protection Program Loan Forgiveness

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. The loan forgiveness form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:

  • Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
  • Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
  • Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
  • Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
  • Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined

Access the Paycheck Protection Program Loan Forgiveness Instructions and Application

Application Instructions Summary

Wednesday, May 13th

PPP Loan Forgiveness- What we know today

  • What costs are eligible for loan forgiveness
    • The actual amount of loan forgiveness is based on costs incurred and payments made during the covered 8-week period. Qualifying costs may include:
      • Payroll costs (salaries and wages, subject to $100k cap per employee, employer provided fringe benefits such as vacation, health and retirement benefits, and state unemployment tax payments)
      • Interest payments on a mortgage incurred in the ordinary course of business on real or personal property and that was in existence on Feb. 15, 2020
      • Rent payments under leasing agreements in existence on Feb. 15, 2020
      • Utility payments for which service was in existence on Feb. 15, 2020. SBA guidance did include fuel in a business vehicle as a qualified cost.
  • Are there limitations on loan forgiveness?
    • Yes, loan forgiveness is limited in the following circumstances:
      • Not more than 25 percent of the loan forgiveness amount can be attributable to non-payroll costs (i.e., mortgage interest, rent and utilities)
      • Proceeds from any advance up to $10,000 on an Economic Injury Disaster Loan (EIDL) will be deducted from the loan forgiveness amount
      • A reduction in the number of full-time equivalent employees
      • A reduction of individual employee wages by more than 25%
  • What terms apply to any loan amount that is not forgiven?
    • The principal amount of the PPP loan will continue on its original terms, including:
      • 2 year term
      • 1% interest rate
      • No payments required during the first six months
      • No prepayment penalty
  • What documentation must be submitted with an application for loan forgiveness?
    • We're still waiting for clear guidance from SBA on loan forgiveness. At a minimum, we expect you will be required to submit:
      • Documentation verifying the number of FTE employees and individual wages to prove forgiveness is not limited due to these factors
      • Payroll reports and other tax filings, such as W-3 or Form 941
      • Tax Return Documents, such as Sch C, F, if applying as a self-employed person or Form 1065, Form 1120 or 1120S for partnerships and corporations
      • Documentation, including invoices and cancelled checks for the non-payroll qualifying costs (mortgage interest, rent expense, utilities expense)
      • A certification that the information provided is true and correct

Because guidance is not currently clear, we strongly encourage detailed record-keeping during your covered 8-week period. It is always a good idea to save all invoices related to your business, but extremely important at this time. Also be sure to make qualifying cost payments out of business checking accounts, where applicable.

If you have questions, please contact your local lender.

Tuesday, May 12th

Looking for a safer way to pay for your essentials during Covid-19? Use a digital wallet! A digital wallet is a phone app or service that can be used to pay for purchases at participating stores. It’s a great a way to make purchases without touching frequently used credit card terminals.

When you link your Frontier Bank debit card to a mobile wallet, your card information is safe, and so are you. Visit our online solutions page to learn more about using your debit or credit card in a digital wallet, or select one of the services below to learn how to link your card.

Apple Pay
Google Pay

Monday, May 4th

Provided by the Small Business Association (SBA)

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories were able to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid. 

SBA has resumed processing EIDL applications that were submitted before the portal stopped accepting new applications on April 15 and will be processing these applications on a first-come, first-served basis. SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses.

The new eligibility is made possible as a result of the latest round of funds appropriated by Congress in response to the COVID-19 pandemic.

Agricultural businesses includes those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)).
SBA is encouraging all eligible agricultural businesses with 500 or fewer employees wishing to apply to begin preparing their business financial information needed for their application.

At this time, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. For agricultural businesses that submitted an EIDL application through the streamlined application portal prior to the legislative change, SBA will process these applications without the need for re-applying.

Eligible agricultural businesses may apply for the Loan Advance here.

Friday, April 24th

Provided by the Small Business Association (SBA)

Administrator of the U.S. Small Business Administration Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement today on the resumption of the Payroll Protection Program (PPP):

 “We are pleased that President Trump has signed into law the Paycheck Protection Program and Health Care Enhancement Act, which provides critical additional funding for American workers and small businesses affected by the coronavirus pandemic.  We want to thank Leader McConnell, Leader Schumer, Speaker Pelosi, and Leader McCarthy for working with us on a bipartisan basis to ensure that the Paycheck Protection Program is funded so that small businesses can keep hardworking Americans on the payroll.

“The Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 9:30AM CST from approved lenders on behalf of any eligible borrower.  This will ensure that SBA has properly coded the system to account for changes made by the legislation.

 “The PPP has supported more than 1.66 million small businesses and protected over 30 million jobs for hardworking Americans.  With the additional funds appropriated by Congress, tens of millions of additional workers will benefit from this critical relief.

Documents previously provided by the SBA:


PPP Overview

PPP Information for Borrowers

For questions or to submit an application, contact your local Frontier Bank lender.

Tuesday, April 21st

We're staying one step ahead of the game for if and when Congress releases more funds to help the businesses in our communities get back on the path to success. If you have yet to apply for a SBA Paycheck Protection Plan loan for your business, we are encouraging everyone to do so now. The second new funds are available, we will begin to process your applications.

Documents provided by the SBA:


PPP Overview

PPP Information for Borrowers

Contact your local Frontier Bank lender to get started.


Friday, April 17th

Provided by Iowa Bankers Association

Economic Impact Payments

  • "Get My Payment" Tool is live
    • Check your payment status
    • If your check is not issued, you can provide account information to receive an ACH instead
  • ACH payments have started
    • 80 million ACH payments processed this week
    • ACH files will be sent out each Friday (volume will vary but probably won't be as large) through the month of May
  • Checks
    • Checks will be mailed out starting early next week
    • 5-7 million checks anticipated each week (volume will vary)

Monday, April 13th

Provided by American Bankers Association (ABA)

Economic Impact Payment FAQ for Consumers

In March, Congress passed—and President Trump signed into law—the CARES Act, a $2 trillion economic relief package to provide assistance to American consumers and businesses struggling as a result of the coronavirus pandemic. A provision of the law includes sending government payments to eligible Americans. To help answer common questions about these payments, the American Bankers Association has developed the following questions and answers.

  1. How large a payment will I receive?
    The CARES Act outlines the parameters of who is eligible to receive a payment. The Internal Revenue Service is the agency responsible for determining eligibility. In general, single adults with an adjusted gross income of $75,000 or less will get $1,200. Married couples earning a combined adjusted gross income of $150,000 or less will receive a total of $2,400. Individual and married taxpayers earning over $75,000 and $150,000 respectively will get reduced payments with full phase-outs at $99,000 and $198,000. There are additional $500 payments for dependent children. For complete eligibility information please visit the IRS website.
  2. Will college students be eligible to receive a payment?
    The CARES Act definition of eligible individuals excludes those who are claimed as a dependent on another taxpayer’s return. Accordingly, to the extent a college student is claimed as a dependent on the tax return of a parent, he or she would not be eligible for the rebate. For complete eligibility information please visit the IRS website.
  3. When will I receive my payment?
    The Department of the Treasury intends to send the payments out as soon as possible. If you filed taxes in 2018 or 2019 and included your bank routing and account number for payments or refunds, and this information has not changed, the IRS has the information it needs to send your payment electronically. This could be as soon as the middle of April, according to Treasury. In addition, for Social Security recipients, the IRS will use direct deposit by the Social Security Administration to facilitate payments. If the direct deposit information you have provided in the past is for a bank-issued prepaid debit card, you will receive your funds on that card account. Recipients will be mailed a check if the IRS does not have your information on file. Check payments will follow weeks or possibly months after the direct deposits are sent.
  4. Can I receive my payment electronically if my current information is not on file with the IRS?
    The IRS is developing an online portal so you can check the status of your information and your payment. That portal—which will be called “Get My Payment”—is expected to be available by April 17. In addition, the IRS has launched a new web tool allowing quick registration for those who don’t normally file a tax return. For the most up-to-date information, visit While the IRS has extended the tax filing deadline this year from April 15 to July 15, another option is to file your 2019 taxes as soon as possible with bank routing and account number provided on the form.
  5. What if I am typically not required to file a tax return?
    People who typically do not file a tax return and are not Social Security beneficiaries will need to file a simple tax return to receive an economic impact payment. Certain low-income taxpayers, veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax. provides information instructing people in these groups on how to file a 2019 tax return with simple but necessary information, including their filing status, number of dependents and direct deposit bank account information. As noted above, Social Security recipients who have not been required to file tax returns will not be required to file a tax return to receive their payments.
  6. What is a bank routing and account number? 
    Bank routing and account numbers direct payments to the right bank account at the right financial institution. If you have a checking account at a financial institution the information is on the paper check. The bank routing number is on the lower left-hand side of the check and tells Treasury the correct bank to send the payment. Your individual account number is to the right of the routing number. That tells the bank to credit your specific account. Bank-issued reloadable prepaid debit card accounts have the same numbers, but the way they are provided to you will vary.
    Check Illustration
  7. How do I find this information if I can’t find my checkbook or was never issued any checks at all?
    Log in to your bank account online or by mobile app. Bank routing and account numbers may be located in different places in your app or online if you are logging in from a laptop or PC, depending on your bank. If you can’t find it easily, search “bank routing” within the app or website. If you still can’t find the information or can’t log on, call your bank for more information. You can also look up your bank’s routing number at Please remember that to protect your finances from fraudsters, banks will not provide your account number over the phone.

    Frontier Bank's Routing Number: 073921420
  8. I have a reloadable prepaid card with a bank. Can I direct the payment to that account?
    Yes, follow the same instructions to gather the routing and bank account numbers to provide via the IRS online portal.
  9. I have a bank account. Can I still receive a paper check?
    Yes, but be aware that your payment will be slower than an electronic transfer. Paper checks may be sent out weeks after the electronic checks are sent.

    If you are willing to wait, we recommend that you deposit the check through remote deposit capture, if your bank offers this service. This is basically taking a picture of your check through your bank’s smartphone app. Follow the simple directions and you can make the deposit from the comfort and safety of your home the same day the check arrives in the mail.

    Alternatively, you can make the deposit at your bank’s ATM.

    The important thing to remember is that with branches closed or restricted, you may be required to visit a bank drive-through location if you want to deposit the check in person.
  10. I don’t have a bank account, but want to receive my money faster. What can I do?
    Many banks open accounts for most customers online without you ever needing to step into a bank branch. That is important because most bank branches are restricting access due to coronavirus concerns. Search online for banks that offer digital account opening, and reach out to banks to see if they are offering new, flexible ways to become a customer. One type of bank account that accepts direct deposit is a bank-issued reloadable prepaid card often available at retailers that partner with a bank. Please make sure that the card is “reloadable” in order to receive direct deposit. When the account is open you will have the bank routing and account number to provide to the IRS. Please check with the bank you are working with to understand all of the terms and conditions of opening an account.

    Open an Account
  11. What can I do to prevent fraudsters from accessing my funds?
    There will be a large amount of funds disbursed to qualifying individuals. Accordingly, there is a risk for fraud of various types. The IRS has announced various ways individuals can be on guard against these types of bad activities. See the notice.

    It is important to remember that banks or the federal government will never contact you by telephone, text or email asking for your account information. Do not provide any banking information to anyone claiming to be registering you for your relief payment.

Monday, April 13th

Provided by the American Bankers Association (ABA)

Protect Your Economic Impact Payment: Top 5 Scams to Watch Out For

As eligible Americans prepare to receive their economic impact payment from the government, fraudsters are ramping up their efforts to scam people out of their payment. To help consumers protect themselves, ABA is highlighting the five most common scams to watch out for:

  1. Offer early access to payment.
    There is no exact timeline for when eligible consumers will receive economic impact payments. Anyone who promises early or fast payment in exchange for personal information is most likely a scammer.
  2. Use suspicious phrases.
    The IRS has stated that the official term for payments is “economic impact payment.” If you receive any correspondence using the phrases “stimulus check” or “stimulus payment,” it may be a clue that a fraudster trying to take your cash.
  3. Send “phishy” emails or texts.
    Government agencies will never correspond through email or text message. If you receive a message with a link asking you to register online in order to receive your economic impact payment, you are most likely being scammed. Do not click on the link.
  4. Make bogus phone calls and texts asking for personal information.
    Consumers do not need to take any action to receive their economic impact payment. If you receive a phone call or text from someone claiming to be from your bank or a government agency asking to verify your personal information, hang up immediately and call your bank or report it to the IRS.
  5. Mail a phony check.
    Some scammers will send out fake checks—with either the correct or incorrect economic impact payment amount—and require the recipient to verify personal information in order to cash it. The only mail correspondence you should receive will come from the IRS in the form of a letter with information on how the economic impact payment was made and how to report any failure to receive the payment.

Friday, April 10th

As the COVID-19 outbreak continues to affect our local communities and nation, we understand that social distancing and other precautionary measures greatly change how we live our lives.

Because our care for you goes beyond your finances, we have decided to temporarily waive one of the qualifiers on our BIG DEAL Cash and Cash Back Checking accounts!

Change to the BIG DEAL qualifiers:

  • Have a minimum of 12 debit card transactions post and settle each month- Waived for the month of April 2020
  • Have at least one direct deposit or automatic payment post and settle each month- remains unchanged
  • Receive eStatements- remains unchanged

We hope by temporarily eliminating the qualifier that supports being out and about, you will feel even more encouraged to stay home and stay healthy. During this time of uncertainty, please continue to call your local Frontier Bank with questions or to discuss your finances. We are here to help provide relief for you and your family- You're a BIG DEAL here!

Friday, April 3rd

Provided by Dakota Business Finance

The South Dakota Legislature has approved SB192 to create a new $10.5 million state loan fund to assist businesses impacted by COVID-19. 

The loan program will provide up to $75,000 per business at a 0% rate.  Additional information is below. 

The release states that you should contact your business development representative for more details. 

Click here to view all of the South Dakota Governor's Office of Economic Development (GOED) staff.  The representatives are split up by territory.  The two business representatives for Lincoln and Minnehaha Counties are Katherine Kirby Nelsen and Eric Seimers. 

Wednesday, April 1st

Provided by U.S. Small Business Association (SBA)

Paycheck Protection Program (PPP)

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

Under this program:

  • Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
  • Loan payments will be deferred for six months.
  • If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.

Recently published documents from the SBA:

PPP Overview


PPP Information for Borrowers

Contact your local Frontier Bank lender to get started.

Monday, March 23rd

Provided by Iowa Economic Development


On Monday, March 23, Governor Reynolds announced a new Iowa Small Business Relief Program that will provide financial assistance to small businesses and tax deferrals to any Iowa businesses that have been economically impacted by the COVID-19 pandemic. Application deadline is Tuesday, March 31, at 12 p.m.

For more information or to apply, visit the Iowa Economic Development site,

Wednesday, March 18th at 3:30PM

Slowing the spread- What can we do? At Frontier Bank our care for our customers goes way beyond finances which is why we feel a strong responsibility to do our part in slowing the spread of the COVID-19 Virus.  

Effective at end of business today, March 18th and until further notice, access to the inside of any Frontier Bank branch will be available by appointment only.

  •  All ITMs will be open normal hours.
    • Monday-Friday: 7am-7pm and Saturday: 9am-1pm
  • Our loan officers and staff will be available by phone to answer any questions and set appointments.
  • If your banking needs require a visit to your local branch, please start with a phone call. Our staff will work creatively to meet your banking needs without increasing the risks for you or our staff.
  • If you're awaiting a mortgage closing, loan signing or other timely matter, a Frontier Bank employee will be in contact with you.

 Frontier Bank plans to remain fully staffed to accommodate all your banking, mortgage and investment services needs. We are taking this precaution to limit and control the environment of any in-person interactions. This critical step, among others, is being taken to help with social distancing, identified as a key deterrent to the spread of the virus. 

During this time, we encourage you to conduct your banking business utilizing the following methods:

 Above all, we are thankful for the opportunity to serve you. Since starting almost 90 years ago, Frontier Bank has worked alongside of you through many different events effecting our local economy, and we will be here for you through this too. 

Tuesday, March 17th

Provided by the Small Business Association (SBA)

Today, as part of the Trump Administration’s aggressive, whole-of-government efforts to combat the Coronavirus outbreak (COVID-19) and minimize economic disruption to the nation’s 30 million small businesses, U.S. Small Business Administration Administrator Jovita Carranza issued revised criteria for states or territories seeking an economic injury declaration related to Coronavirus (COVID-19).

The relaxed criteria will have two immediate impacts:

  • Faster, Easier Qualification Process for States Seeking SBA Disaster Assistance. Historically, the SBA has required that any state or territory impacted by disaster provide documentation certifying that at least five small businesses have suffered substantial economic injury as a result of a disaster, with at least one business located in each declared county/parish. Under the just-released, revised criteria, states or territories are only required to certify that at least five small businesses within the state/territory have suffered substantial economic injury, regardless of where those businesses are located.
  • Expanded, Statewide Access to SBA Disaster Assistance Loans for Small Businesses. SBA disaster assistance loans are typically only available to small businesses within counties identified as disaster areas by a Governor. Under the revised criteria issued today, disaster assistance loans will be available statewide following an economic injury declaration. This will apply to current and future disaster assistance declarations related to Coronavirus.

“We’re very encouraged that banks and financial institutions are responding to the President’s efforts to mobilize an unprecedented public-private response to the Coronavirus (COVID-19) outbreak. As a result, most small businesses that need credit during these uncertain times will be able to obtain it. However, our goal is to ensure that credit is available to any and all small businesses that need credit but are unable to access it on reasonable terms through traditional lending channels,” said Administrator Carranza. “To that end, the SBA is relaxing the criteria through which states or territories may formally request an economic injury declaration, effective immediately. Furthermore, once an economic injury declaration has been made in a state or territory, the new rules allow the affected small businesses within the state or territory to apply for a disaster assistance loan.”

SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for each affected small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

Process for Accessing SBA’s Coronavirus (COVID-19) Disaster Relief Lending

  • The U.S. Small Business Administration is offering designated states and territories 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 private, non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19).
  • 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.
  • Once a declaration is made, the information on the application process for Economic Injury Disaster Loan assistance will be made available to affected small businesses within the state.
  • These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
  • SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
  • SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.

For additional information, please visit the SBA disaster assistance website at

Friday, March 13th at 3:30PM

Just like you, we are monitoring the latest news of the coronavirus. We understand this pandemic will likely cause challenges and stress for you, our customers, which is why we want to reassure you that we are here for you. The health and safety of our customers and employees comes first, so we want to remind you that there are alternatives to in-person banking during this unprecedented time.

All five of our full-service branches are open and will remain open unless circumstances dictate otherwise. Please stay tuned to our emails, Facebook posts and website over the coming days and weeks for any changes. 

Our employees are taking these preventative steps to avoid the spread of the coronavirus and we encourage you to do the same:

  • Wash your hands multiple times a day with soap and water for at least 20 seconds
  • Limit touching your face and mouth
  • Use an alcohol-based hand sanitizer when soap and water are not available
  • Cover your mouth with a tissue or sleeve when you cough or sneeze
  • Avoid close contact with those who are sick
  • Routinely and thoroughly clean and disinfect all frequently touched surfaces
  • Stay home if you become sick, and remain home until you are free of symptoms for at least 24 hours


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