Coronavirus (COVID-19) Updates and Insights

Getting Back To Business As We Begin To Recover From COVID-19

Back To Business But Not Quite Back To Normal

There’s a light at the end of the tunnel, and we’re certain that each week it will be brighter and stronger. Our team has been burning the midnight oil processing loan requests for the Paycheck Protection Program (PPP), and shortly for the program’s Loan Forgiveness process. And now, we’re back to business with all 15 of our branches open in Wisconsin and Michigan. In our branches there will be plexi-glass sneeze guards where none existed before; you will see markings on the floors so that we can all socially-distance as required; and there will be hand sanitizing stations strategically located for your use, as well as regular sanitizing of all touch areas within the bank. Unfortunately, we will need to curtail our popcorn and coffee services until it’s safe for us to return to that tradition. 
Join us as we go about the business of getting back to business.
 
 

COVID-19 Relief Programs & Resources

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Forgiveness is based on the employer using at least 75% of the loan proceeds for payroll costs and maintaining or quickly rehiring employees and maintaining salary levels. Not more than 25% of the loan proceeds may be used for certain eligible non-payroll costs (rent, mortgage interest payments, and utilities). The loan proceeds must be used in an eight-week period which begins the date the employer receives the loan funds. Unused or ineligible uses of loan proceeds will be deducted from forgiveness and will be due over the remaining 18 months at an interest rate of 1%.
 
 

 
 
IncredibleBank is an SBA Preferred Lender which grants us authority to provide Paycheck Protection Program (PPP) loans, as outlined in the Coronavirus Relief, Aid, and Economic Security Act (CARES Act). We take this responsibility with enthusiasm and seriousness as we understand this is a time of stress for small businesses, their employees and our communities.
 

UpdateWe are processing PPP loans for current applicants and are unable to accept new applications at this time. 

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 EIDL applications on a limited basis only to provide relief to U.S. agricultural businesses. Eligible agricultural businesses may apply for the Loan Advance here.
 
 
 
 
 
Many people are anticipating payment relief as part of the Coronavirus Federal Stimulus Package. Here’s what you should know and here’s how IncredibleBank can help you.
 
  • Your funds will be sent to you based on the information you provided in your 2018 and/or 2019 tax filings
  • If you provided your account information for direct deposit in your tax returns, you will not need to do anything to receive your money. Your funds will be sent via direct deposit to IncredibleBank
  • If you did not provide your account information in your tax returns, visit irs.gov/coronavirus to set up direct deposit for your relief payment. If you don’t set up direct deposit, you will likely be sent a paper check through the mail. This is not a preferred method of payment, however. You might have to wait longer for the check to arrive, and because the Center for Disease Control and Prevention is recommending that people stay at home in many places around the country, a paper check might present some problems for deposit for some people. IncredibleBank wants you to take every precaution necessary to keep you and your family safe.
  • If you need to set up direct deposit at irs.gov/coronavirus, you will need your account number and IncredibleBank’s routing number: 075911742.
For more information and Frequently Asked Questions, read the full article here.
 
 
 
 
 

Tuesday, April 7, 2020

Important News For Businesses With Existing SBA Loans

If you currently have an SBA 7(a) loan,  the SBA will pay your principal and interest payments for six months, beginning with the first payment due on or after March 27, 2020. 

As of Wednesday, April 1, 2020 IncredibleBank:

  • ceased collecting loan payments (principal and interest), for the next 6 months, on existing SBA 7(a) customers;
  • stopped all ACH and/or AFT drafts
  • stopped the issuance of past due invoices
  • stopped late payment fees and
  • stopped negative credit bureau reporting

Clients who have online banking will most likely see that their payment is past due. All SBA payments to IncredibleBank will be 30 days in arrears. 

This portion of the SBA 7(a) relief program also applies to new SBA 7(a) loans closed after the Act date and through Sept 2020. 

 
 
 
 
 
 
 
If you are facing financial hardship due to COVID-19, contact IncredibleBank and we will work with you to create a customized payment deferral plan for up to 90 days, with no credit bureau impact. We hope this will provide you with the time and flexibility to manage any financial challenges affecting your ability to pay. Contact our designated team who will work with you one-on-one through these difficult times.
 
Phone: 888-842-0221

 


 

What are my options for banking during social distancing?

This is the perfect time to download the IncredibleBank mobile app which allows you to handle virtually all your banking needs, well, virtually. 

For all general questions, please contact the Customer Experience Center at 1-888-842-0221, or for questions about specific banking or insurance, needs please contact a member of our COVID-19 response team listed below.

You can always use one of our many fee-free ATMs to access your money.