Coronavirus Resources
Visit this ICBA site daily! Find valuable updates on all things coronavirus related: regulatory guidance, legislative activity, disease-related resources, and ICBA content created specifically for community banks.
VACB Meetings Re-Scheduled
The following sessions have been rescheduled:
VACB Essentials of Banking - Sessions 1 & 2 will now be held May 27 & 28 and Sessions 3 & 4 will be held June 9 & 10
VACB Compliance Forum Institute - Now being held July 22 - 24 in Staunton. We will BEGIN with registration at 12:30 pm and the meeting at 1:00 pm. Please refer to the information on the Calendar Tab of the website for all the details.
Bank Directors' Symposiums These are being postponed and will be rescheduled for September. The Southwest Meeting will be Tuesday, September 8 at Hotel Roanoke and the Central Meeting will be September 9 at the Hilton Richmond Hotel & Spa.
VACB Essentials of Banking - Sessions 1 & 2 will now be held May 27 & 28 and Sessions 3 & 4 will be held June 9 & 10
VACB Compliance Forum Institute - Now being held July 22 - 24 in Staunton. We will BEGIN with registration at 12:30 pm and the meeting at 1:00 pm. Please refer to the information on the Calendar Tab of the website for all the details.
Bank Directors' Symposiums These are being postponed and will be rescheduled for September. The Southwest Meeting will be Tuesday, September 8 at Hotel Roanoke and the Central Meeting will be September 9 at the Hilton Richmond Hotel & Spa.
A Message from ICBA's President & CEO Rebecca Romero Rainey
The Latest on the SBA Paycheck Protection Program
New information is coming in about the Small Business Administration's hot-button Paycheck Protection Program, and we want you to be the first to know. ICBA just got off the phone with the Treasury Department and SBA, and here's the latest on the $350 billion program:
Non-SBA Lenders: The SBA plans to shortly release a streamlined application form that non-SBA lenders can use to become an approved PPP lender. On Friday, when the program becomes live, these newly approved lenders will have access to a new portal being developed by Amazon Web Services that will allow them to input borrower application information, receive an SBA loan guarantee number, and fund loans under the PPP.
Additional Guidance Imminent: SBA will shortly provide additional guidance in the form of an interim rule that will, among other things, make clear:
EIDL Interaction: Small-business borrowers cannot get both an EIDL (Economic Injury Disaster Loan) and PPP loan at the same time. A borrower can apply for an EIDL loan now and the PPP loan when it becomes available. If a borrower accepts the EIDL loan, and subsequently qualifies for the PPP loan, the borrower can re-finance the EIDL loan into a PPP loan. Loans are limited to one per Taxpayer Identification Number.
ICBA staff will answer questions about the PPP and other aspects of the federal response to the COVID-19 outbreak at its next Community Bank Briefing scheduled for 11 a.m. (Eastern time) this Friday.
ICBA will continue to be at the table in Washington to shape this program, maximize community bank access, and keep you informed of the latest developments. Thank you again for your continued commitment to your communities as we persevere through this challenging time.
Sincerely,
New information is coming in about the Small Business Administration's hot-button Paycheck Protection Program, and we want you to be the first to know. ICBA just got off the phone with the Treasury Department and SBA, and here's the latest on the $350 billion program:
Non-SBA Lenders: The SBA plans to shortly release a streamlined application form that non-SBA lenders can use to become an approved PPP lender. On Friday, when the program becomes live, these newly approved lenders will have access to a new portal being developed by Amazon Web Services that will allow them to input borrower application information, receive an SBA loan guarantee number, and fund loans under the PPP.
Additional Guidance Imminent: SBA will shortly provide additional guidance in the form of an interim rule that will, among other things, make clear:
- Exactly what a borrow must attest to.
- What the banker responsibilities are for verification.
- Acceptable forms of borrower signatures, e.g. electronic, Docusign, scanned copies, etc.
EIDL Interaction: Small-business borrowers cannot get both an EIDL (Economic Injury Disaster Loan) and PPP loan at the same time. A borrower can apply for an EIDL loan now and the PPP loan when it becomes available. If a borrower accepts the EIDL loan, and subsequently qualifies for the PPP loan, the borrower can re-finance the EIDL loan into a PPP loan. Loans are limited to one per Taxpayer Identification Number.
ICBA staff will answer questions about the PPP and other aspects of the federal response to the COVID-19 outbreak at its next Community Bank Briefing scheduled for 11 a.m. (Eastern time) this Friday.
ICBA will continue to be at the table in Washington to shape this program, maximize community bank access, and keep you informed of the latest developments. Thank you again for your continued commitment to your communities as we persevere through this challenging time.
Sincerely,
President & CEO
Independent Community Bankers of America
Independent Community Bankers of America
Pandemic Preparedness: Managing Coronavirus & Other Epidemics - FREE Webinar from Financial Education
On Friday, March 20, our webinar provider will have a free webinar to help our member banks with their pandemic preparedness. This is a pre-recorded program and the webinar link will be sent Friday morning to the registration email and is available to view immediately. Read on to see what the webinar will offer:
With so much attention on COVID-19 in the press and around the world, financial institutions must assess whether they are prepared for staff absenteeism (including IT team members), reduced in-person transactions, more online activity, etc. How long will this last? No one knows...
Perception is reality. Are you ready? How do you determine the risks your management team faces? What steps can be taken to minimize the effect on your institution? Which aspects of your business impact analysis and business continuity plan should receive additional attention? How can you quickly create a comprehensive, easy-to-implement plan? What about the aftereffects? How can you assess whether your procedures worked as planned – before the next crisis? If you don’t have a comprehensive, well-conceived plan in place, you need one NOW! Attending this webinar will start you on the right path and help you identify your institution’s strengths and weaknesses.
Use this link to register for the webinar: bit.ly/3dkQiDo
With so much attention on COVID-19 in the press and around the world, financial institutions must assess whether they are prepared for staff absenteeism (including IT team members), reduced in-person transactions, more online activity, etc. How long will this last? No one knows...
Perception is reality. Are you ready? How do you determine the risks your management team faces? What steps can be taken to minimize the effect on your institution? Which aspects of your business impact analysis and business continuity plan should receive additional attention? How can you quickly create a comprehensive, easy-to-implement plan? What about the aftereffects? How can you assess whether your procedures worked as planned – before the next crisis? If you don’t have a comprehensive, well-conceived plan in place, you need one NOW! Attending this webinar will start you on the right path and help you identify your institution’s strengths and weaknesses.
Use this link to register for the webinar: bit.ly/3dkQiDo
