Coronavirus Updates & Resources
The VBA has developed this page of resources regarding coronavirus (COVID-19) to help keep Virginia banks informed.
Treasury FAQs – released 5.13.2020
PPP Loan Forgiveness Information
- Forgiveness Platform Overview
- Account Management
- Submitting Forgiveness Decisions
- Monitoring Forgiveness After Submission
- Additional Resources
Treasury FAQs on PPP Loan Forgiveness-August 4, 2020
PPP Loan Forgiveness Application (form 3508)
The Small Business Administration released a three-page “EZ” Paycheck Protection Program loan forgiveness application requiring less documentation and fewer calculations than previously required. Form 3508EZ applies to borrowers who meet any one of these three criteria:
- Applied for the PPP loan as self-employed, an independent contractor or a sole proprietor with no employees.
- Did not reduce salary or wages for any employee by more than 25%, and did not reduce the number or hours of their employees (excepting laid-off employees who refused an offer to return).
- Did not reduce salary or wages for any employee by more than 25% during the covered period and experienced reductions in business activity as a result of health directives related to COVID-19.
Read the interim final rule – as of 6.18.2020
SBA Portal – Lender Gateway – Information
If you would like to submit loan authorization requests via our new Lender Gateway, click here and follow the steps below:
- Create an account on SBA Connect.
- Request authorization to the Paycheck Protection Lender Gateway by providing your FRS, FDIC, or NCUA number as well as your authorization number.
- Proceed to the Lender Gateway to begin submitting loan authorization requests.
Lenders who need assistance accessing SBA’s E-Tran system may call our Lender Customer Service Line at 1-833-572-0502.
The Small Business Administration (SBA) recently relaxed criteria to make it faster and easier for states to qualify for SBA Disaster Assistance. The SBA has approved Governor Northam’s request for Virginia’s statewide access to Economic Injury Disaster Loans (EIDL) program. The EIDL program offers low-interest loans directly from SBA for working capital to small businesses suffering substantial economic injury as a result of COVID-19. Now that Virginia has received approval, small businesses and private, non-profit organizations may apply for up to $2 million in loans to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. For more information about the program and the information required for the small business or non-profit to provide in the application, click here or call 1‐800‐659‐2955 for assistance. As policymakers make other changes to SBA and other related programs, the VBA will continue to provide updated information.
Additional contact details for the Virginia SBA District Office can be found here.
VBA Benefits Corporation COVID-19 Resources
VBA Benefits Corporation COVID-19 Employee Tools and Resources Presentation
Click here for a presentation that you can share with employees that provides available tools/resources for maintaining physical and emotional health during COVID-19. This is in PowerPoint format so you can customize for your population.
Coronavirus (COVID-19) Personal Preparedness Resources – This link will provide resources on the virus, information on how to prepare, the prevalence in the US, as well as the updated travel restrictions through links to the CDC.
Link to March 19 EAP webinar, Keep Calm and Carry On: Maintaining your Composure during the COVID-19 Virus.
Marsh & McLennan Agency Resources
Marsh & McLennan Agency’s Landing Page for Addressing the Coronavirus Outbreak – This site includes internal resources to help employers manage this pandemic including:
- COVID-19 and Paid Leave: Three Scenarios to Plan For
- Coronavirus: Employers Beware of Potential Liabilities
- An Employer’s Guide to Addressing COVID-19 Third Edition
- Covid-19 Attestation Playbook
Important COVID-19 Healthcare Information
For banks that have health coverage through the VBA Benefits Corporation, the plan will waive members’ cost share (deductible, copayments, coinsurance) for the testing and treatment of COVID-19. We are now able to do so since the IRS has released guidance (Notice 2020-15) allowing the testing be covered on a first-dollar basis and not disqualify an individual’s ability to make or receive Health Savings Account (HSA) contributions. Treatment for telehealth services is available at 100%, including Live Health Online, for all acute conditions in addition to COVID-19 before deductible coinsurance and copays through September 30, 2020. More detailed information is being provided to HR directors. Please contact Laurie Milligan with any questions.
401(k) Participant Assistance
For participants who are uneasy about the financial markets and their 401(k) account balances, SageView Investment Advisory Group, our new 3(38) Investment Advisor for our retirement plans, can assist. Here is the Sage411 Participant Help flyer that you can distribute to participants. We also have an email template that you can edit and send along with the flyer:
SageView has created a retirement plan sponsor resource webpage as a result of COVID-19 and recent legislation. Please click here to view.
American Bankers Association Resources
American Bankers Association (ABA) released pandemic planning and business continuity resources for banks. This webpage has information and resources from the Centers for Disease Control, the World Health Organization, the Occupational Safety and Health Administration, financial regulatory agencies and others. The page also includes information on frauds and scams that have been reported in conjunction with the outbreak. The page will continue to be updated as more information becomes available.
The ABA is also hosting free webinars during this time and the recordings will be made available on the ABA resources website here.
To help ABA respond to inquiries from policymakers about the banking industry response to the coronavirus, the association is asking banks to share specifics about how they are helping customers affected by the virus and its fallout in the economy. The ABA has created this webpage that list banks’ actions in response to the pandemic. Bankers may email information to CoronavirusResponse@aba.com or complete this survey.
Other ABA Resources:
- ABA CARES Act Summary
- ABA Staff Analysis: COVID-19 FAQ for Member Banks
- Economic Impact Payment FAQ for Consumers
- COVID-19 Surface Contamination Risks: Paper from ABA SVP Paul Benda
- Economic Impact Payment page and resources
State Corporation Commission Updates
In light of the ongoing public health emergency related to the spread of COVID-19 and the declarations of emergency issued at both the state and federal levels, please be advised that the State Corporation Commission (SCC) has issued the following orders (“Order”) concerning certain practices and procedures for filings with the Clerk of the Commission.
State Corporation Commission – BFI Policy Statement Regarding COVID-19
Federal Reserve Information
Main Street lending program
Lenders can register here.
Information for lenders, including term sheets, FAQs and instructions on registering, can be found here.
- The Federal Reserve’s PPP Liquidity Facility’s (PPPLF) term sheet, the required borrower agreement letter, collateral pledge transmittal form, and other borrowing and operational documents and guides can be found here.
- Also available are these PPPLF FAQs.
- Finally, here is the email address to submit PPPLF related documents to the Richmond Federal Reserve.
Other Fed Resources
- Announcement and Term Sheets of Federal Reserve Liquidity Facilities for PPP, Main Street Loan and Municipalities.
- Paycheck Protection Program Lending Facility Term Sheet
- Statement on Appraisals and Evaluations
Ask the Fed Webinar Series
Ask the Fed is a program covering the latest financial and regulatory developments for bankers and their boards of directors.AsK the Fed® consists of periodic conference call / webinars that feature Fed experts and guest speakers on top banking questions of the day, with time at the end for questions and comments. Learn more about upcoming webinars here.
In this special edition of the Regional View, Sonya Waddell shared information gathered from a set of special questions added to the March 2020 regional surveys of business activity to gauge the economic impact of the novel coronavirus in the Fifth District.
Federal Housing Finance Agency (FHFA)
Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac have issued temporary guidance regarding the eligibility of borrowers who are in forbearance, or have recently ended their forbearance, looking to refinance or buy a new home. Borrowers are eligible to refinance or buy a new home if they are current on their mortgage (i.e. in forbearance but continued to make their mortgage payments or reinstated their mortgage). Borrowers are eligible to refinance or buy a new home three months after their forbearance ends and they have made three consecutive payments under their repayment plan, or payment deferral option or loan modification. Click here to read more.
Updated Forbearance and Foreclosure Rules
VBA Partner Resources
AbA Insurance ServiCes (vba endorsed provider)
ABrigo (vba endorsed provider)
Abrigo is VBA’s newest Endorsed Provider for their automated PPP loan forgiveness solution which provides banks with software to manage the full life-cycle of the PPP loan and also allows lenders to generate Form 1502 for processing fee requests and ongoing monthly servicing. VBA has secured special discounted pricing for this solution for our member banks.
Jeff Culver, a Virginia banking veteran, provided assistance with leveraging his experience and knowledge of lending operations and vendor selection in vetting and selecting Abrigo for this endorsement. Please feel free to reach out to Jeff as your bank evaluates its approach to the PPP loan forgiveness process.
Additional resources from Abrigo:
- Abrigo Resources Page
- Podcast on State of the Union for Community Financial Institutions: The Paycheck Protection Program
- Blogs on Forgiveness Timeline: What Lenders Need to Know and How to Submit a PPP 1502 Report – Get Lender Processing Fee
- Abrigo webinar and demonstration recording and slide deck
- Blog that discusses the changes to the new 3508 form and the EZ form
- PPP Forgiveness: What Borrowers Need to Know
- PPP Loan Forgiveness Checklist
- Sageworks SBA Lending Solution – PPP Forgiveness and Administration
Akouba by velocity solutions (vba endorsed provider)
Akouba by Velocity Solutions is providing a special offer on their Digital Loan Platform to aid banks with digital lending capability in preparation for anticipated small business loan demand. Their expedited implementation offers the same technology in a pared-down version to have your bank up and running more quickly, within 3-8 weeks (18-20 weeks for their fully-suited solution). Click here for more information.
Compliance Alliance Resources (vba partner)
- COVID-19 Help Sheet
- COVID-19 Sample Customer Letter
- COVID-19 Skip-A-Pay Offer Letter
- COVID-19 Skip-A-Pay Request Form
- Lobby Closing Notice (Sample 1)
- Lobby Closing Notice (Sample 2)
- Pandemic Policy
- COVID-19 Essential Critical Infrastructure Worker Credential
- COVID-19 CARES Act Paycheck Protection Program Summary
- COVID-19 FinCEN Guidance Summary
- COVID-19 Joint Guidance Small Dollar Lending Summary
- Paycheck Protection Program Webinar: Listen to the recording here.
- COVID-19 pandemic as it relates to banking Webinar: Listen to the recording here.
- April 8th PPP Huddle Recording & FAQ
- Paycheck Protection Program Calculator
- CARES Act Cheat Sheet
- COVID-19 FinCEN Updated Guidance Summary
- COVID-19 Sample Remote Work Policy
- COVID-19 Income Verification Sample Form
- Compliance Alliance-Pandemic Resource Links
- Compliance Alliance-PPP Resource Page
- Limited Safe Harbor Letter
- Customer Loan Forgiveness Guide
Compliance Alliance will begin hosting weekly huddles to better service the banking community during the COVID-19 crisis. These Huddles will be open to everyone, regardless of C/A membership. Weekly Compliance Alliance Huddle registration.
PPP Loan Forgiveness: What We Know - this webinar provides a better understanding of the definitions of full-time equivalent employees, when and how PPP funds may be used, how forgiveness is going to be determined, and more. Despite the ever-changing program environment, this webinar captures up-to-the-minute information needed to begin preparing for forgiveness.
Recording from recent webinar on Remote Delivery is Now Essential – What to Do Today
DHG Webinar: Families First Coronavirus Response Act
President Trump signed into law the Families First Coronavirus Response Act which provides food assistance support, virus test funding, Emergency Paid Sick Leave, expansion of Emergency Family and Medical Leave, tax credits for paid Sick and paid Family and Medical Leave and Unemployment Insurance stabilization. Please refer to a summary of the paid leave and associated tax credit provisions here.
DHG hosted a webinar on the Families First Coronavirus Response Act. You can access a recording of the webinar here.
In response to the Coronavirus (COVID-19) pandemic, the regulators have released communications that encourage banks to work with their customers and communities affected by COVID-19. This has given rise to questions about accounting for the effects of modifications or concessions made to loans by banks in supporting the regulators’ suggested COVID-19 pandemic response. Click for more information on accounting for loan modifications and/or concessions.
Relief for Collateral Reporting
Shareholders can request a delay for their regular submissions of Qualifying Collateral Reports or loan listings for any portfolio beginning with the March 31, 2020 reporting cycle. Read more.
Loans with Forbearance Agreements
We understand that shareholders may enter into forbearance
agreements with their loan borrowers to allow them flexibility
during the COVID-19 pandemic. Such loans will continue to be
eligible collateral, assuming the loans continue to meet all
other eligibility requirements detailed in the Bank’s Credit and
Shareholders must request approval to report loans under a forbearance agreement in conjunction with COVID-19. Read more.
Harland clarke (vba endorsed provider)
VBA Endorsed Provider Harland Clarke’s Call Center Solutions are here as a support to VBA members as branches change their operational systems and personnel is working remotely. In addition, they could offer direct mail services so banks can offer Skip-A-Pay options to customers, Credit Line Utilization and Mobile Deposit Activation. Brief overviews of each are below:
- Credit Line Utilization: Increase loan balances by reminding your account holders they can tap into their lines of credit to pay for big purchases like college tuition, laptops and autos.
- Mobile Deposit Activation: Increase mobile deposits and reduce transaction costs by incentivizing this channel through direct mail promotions.
- Skip-a-Pay: Direct mail is perfectly suited for skip-a-pay campaigns that increase non-interest income.
Harland Clarke can also help your bank with the demand for contactless payments (whether it be for the manufacturing of the contactless cards or the personalization/encoding of the cards). With an uptick in demand for contactless implementations, Harland Clarke stands ready to support this initiative for your bank and your customers from both a central issuance perspective as well as an instant issuance perspective. Read more here.
Murphy & mcgonigle
PWCampbell (vba endorsed provider)
PWCampbell offers COVID-19 customizable safety solutions for those branches operating by appointment only for their lobbies or for all branches when it’s time to begin re-opening.
Teller Guards - provide safety measures to combat the spread of the virus and protect bank employees and customers; designed to require very little assembly by the staff (no outside personnel to be onsite); sturdy structures without requiring permanent installation that would leave damage to work surfaces. For more information and pricing, contact Kevin Poirot | 412.963.0100 ext. 103.
Floor Graphics - promote social distancing within the branch for appointments and for branch lobby re-openings; customizable to a bank’s branded colors and messaging; come in various shapes. For more information and pricing, contact Kevin Poirot | 412.963.0100 ext. 103.
Branch Screen Messages - for those banks who have screens in their branch locations, can provide an easy NO COST solution to sharing general virus safety measures to bank customers who are coming through the drive-thrus; pre-designed messages have been developed by PWCampbell and can be easily inserted into whatever platform a bank uses to push out messages to in-branch screens and can easily be branded for each bank. If you’re interested in using one or any combination of images available, please contact Travis Hileman | or 412.963.0100 ext. 382.
Door Decals - provide messaging for bank branches to aid them in complying with the national and state standards for social distancing in order to help prevent the spread of the Coronavirus.
Q2 Software inc. (vba endorsed provider)
Click here to learn more about Q2’s automating SBA PPP lending solutions for community banks.
S&P Global Market Intelligence Resource (vba endorsed provider)
Another VBA Endorsed Provider, S&P Global Market Intelligence, has launched Coronavirus: The Global Impact, a weekly newsletter highlighting their best insights into public health, the global economy, its sectors, and commodity markets. You can sign up here to receive this newsletter on a regular basis.
S&P Global has solutions to help your bank navigate COVID-19 – explore those solutions here.
S&P Global held a webinar on Remote Work Tech Challenges: A Marathon, Not a Sprint. If you were unable to participate live, you can access a recording of this here.
SRA – Strategic risk associates
Webinar Recording:Novel Coronavirus- Preparing for the Latest Black Swan
TBL Networks Covid-19 resources (vba endorsed provider)
VBA Endorsed Provider TBL Networks has provided resources relating to COVID-19:
- Information on testing VPN’s for increased demand created by remote workers
- Cisco resources outlined here, including free trials for WebEx
- Request evaluation and consultation from TBL
TCA (vba endorsed provider)
Troutman Pepper Resource Center
Troutman Sanders, Pepper Hamilton and Aprio held a webinar on the current status of the Paycheck Protection Program (PPP) from an applicant and banking perspective. During the webinar, they discussed:
- Current state of the PPP program
- Advice on self-employed applications
- The latest rules and regulations
- Forgiveness provision rules
- Pending banking requirements
Recent Webinar: CARES Act Paycheck Protection Program (PPP): Understanding the Requirements and Mitigating Risks
Stout, Troutman Sanders, Pepper Hamilton LLP, and Secura co-hosted a panel discussion of industry experts addressing issues and questions that financial institutions (FIs) and non-bank financial institutions (NBFIs) (collectively “lenders”) are raising with regard to the CARES Act Paycheck Protection Program (“PPP”) participation and related risks. Listen here.
As the novel coronavirus (COVID-19) continues to spread, Troutman Sanders and Pepper Hamilton have developed a dedicated COVID-19 Resource Center to guide clients through this unprecedented global health challenge. Click here to access the Resource Center. They will regularly update this page with COVID-19 news and developments, recommendations from leading health organizations, and tools that businesses can use free of charge.
Recent Blog Post: Coronavirus and OSHA: What Employers Need to Know
TSYS, a Global payments company (vba endorsed provider)
WolfPAC Solutions and Wolf & Company (vba endorsed provider)
Whether you’re a lender or a borrower, new guidance released by the U.S. Small Business Administration (SBA) pertaining to the Paycheck Protection Program (PPP) loan forgiveness has raised several questions and concerns. In this webinar, they discuss:
- What documentation has to be submitted and retained to qualify
- What expenses qualify for forgiveness
- Considerations when calculating the reduction in forgiveness
- The responsibilities of the lender
They have been helping clients validate that they are maintaining appropriate safeguards and controls through the following remotely executed services:
- Remote penetration testing of VPN appliances and firewalls
- Detailed security configuration reviews of VPN appliances and firewalls
- Remote internal network penetration testing
- Targeted social engineering campaigns
- Phishing and spear phishing
- Call center testing
- Business continuity services and pandemic triage and support
- Loan Forgiveness Advisory Services
Important VBA Education & Training Events Information
In order to safeguard against COVID-19, and in accordance with health guidance from the CDC, WHO, and other health authorities, the Virginia Bankers Association is cancelling or postponing all large VBA events this spring and summer. We have included the NEW dates of the postponed events on our event calendar. Please visit our calendar to view all upcoming virtual training opportunities as well.
VBA Media Relations & Resources
- VBA Newsroom – read recent VBA press releases and articles
- VBA In the News – read recent mentions of VBA and VBA member banks in the news
Customizable covid-19 press releases & social media images
- The newest customizable press release contains tips to help consumers protect themselves from the most common economic impact payment scams.
- The VBA has developed a customizable press release for our member banks to share with their local media contacts that focuses on ways banks are prepared and ready to assist consumers during the pandemic. Please remember to use #vabankers on social media posts and tag the VBA on Facebook, Instagram and Twitter (@vabankers).
- We have also developed a customizable press release that is meant to be sent as a joint release from banks in a common footprint. This release also focuses on the proactive ways all banks are addressing the current pandemic. It shares ways banks are taking aggressive steps to safeguard the health and safety of their customers, staff and communities while ensuring the delivery of important financial services such as money and credit availability.
VBA Member Banks Twitter List
The VBA has put together a list of our member banks on Twitter. This is a finely-curated feed of all our member banks’ Twitter profiles, which displays only the tweets from those organizations. This is a great resource for viewing what other banks are doing and sharing at this truly unique time. Please be sure to pass this tool along to your marketing team. Don’t see your bank’s Twitter handle on the list? Email Chandler Owdom to be added to the list.