Coronavirus Updates & Resources

Article Virginia Bankers Association

The VBA has developed this page of resources regarding coronavirus (COVID-19) to help keep Virginia banks informed. 

VBA Benefits Corporation COVID-19 Resources

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  We are putting together EAP resource materials to share with your employees during this stressful time and will share once completed.

Marsh & McLennan Agency Resources

Marsh & McLennan Agency: Navigating the Coronavirus & Managing the Impact

MMA FFCRA Guide: The latest update on Families First Coronavirus Response Act (FFCRA) from MMA.  Regulations are still pending and expected to be released later this week on this legislation which will answer many outstanding questions.

Marsh & McLennan Agency’s Landing Page for Addressing the Coronavirus Outbreak – This site includes internal resources to help employers manage this pandemic including:

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 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 of symptoms, including telemedicine services, will continue to be covered as any other medical service under the plan. 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: Customizable Email Template Email Template PDF

Mnuchin Memo & CISA Guidance

This weekend, U.S. Treasury Secretary Steven T. Mnuchin issued the below guidance to reinforce recent guidance from CISA – The Cybersecurity and Infrastructure Security Agency – that makes clear banks and their employees should be considered essential and allowed to continue operations and normal work schedules under any state or local government Stay at Home orders or similar restrictions. The VBA has also been in regular contact with Governor Northam’s office this week, reinforcing the need to classify banks as essential under any order.

Mnuchin Memo & CISA Guidance

SBA/PPP Information

PPP Interim Final Rule

Download the final borrower application.

Download the lender guaranty application.

View more information at treasury.gov/cares.

Initial guidance on SBA and other federal programs – assistance for small businesses

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. https://home.treasury.gov/cares 

EIDL Program

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 SBA Economic Injury Disaster Loan Program Information

Apply to be an SBA Lender

All banks, as well as a broad range of nonbanks, are eligible to make PPP loans. Existing SBA-certified lenders will be given delegated authority; others must be approved before making loans. Banks that have not yet been certified with the SBA should submit an application to delegatedauthority@sba.gov. The SBA will quickly verify that banks applying are federally regulated, and new applicants will be able to process applications as soon as Friday, April 3, according to a senior administration official.

If you are not already, please consider reaching out to the Virginia District Office of the SBA about applying to be an SBA Lender.

The contact is:

Ford Scott
Lender Relations Specialist
Richmond, VA District Office
U.S. Small Business Administration
(804) 253-8027
(202) 845-4249
ford.scott@sba.gov

It is possible that this process will be expedited due to congressional action. Please note SBA is still working on the details of how the expedited process will work.  When Ford receives the details of the expedited process, he will respond back to you in the next day or two, but please make contact to be prepared to apply as soon as possible.

Here is a list of approved SBA 7(a) lenders and Express lenders.  If you do not see your bank on the lists, you will need to apply to SBA.  The list includes all banks headquartered in Virginia.

Additional contact details for the Virginia SBA District Office can be found here.

For information on potential borrower deferment options with existing SBA loans, click here.

ABA Webinar to Address SBA Programs to Help Amid Pandemic

ABA hosted a free member webinar to help banks learn how to employ Small Business Administration programs to help their commercial customers affected by the coronavirus pandemic.

 ‌Experts from the SBA Office of Disaster Assistance and SBA Office of Capital Access discussed:

  • Emergency Injury Disaster Loans, and their use nationwide in the response to the COVID-19 pandemic.
  • SBA loan products and access to capital to help small business clients.
  • Provide an update on plans to expand SBA programs in response to COVID19

 ‌ABA VP Dan Martini lead a Q&A. This is the first of a two-part series; a second webinar will follow after Congress enacts its latest coronavirus response package. Listen to the recording.

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. 

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.

The Federal Reserve Bank of Richmond Information

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.

VBA Partner Resources

AbA Insurance Servies

ABA Insurance SafeAlert Bulletins Blog

Akouba by velocity solutions

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

Upcoming Webinar: Paycheck Protection Program | April 6, 11:00 AM

On March 27, 2020 the House of Representatives passed the $2+ trillion dollar stimulus bill, the CARES Act, in an effort to revive the US economy from the associated economic fallout caused by the COVID-19 pandemic. The CARES Act builds upon two former pieces of legislation by providing more robust support for individuals and businesses, including changes to tax policy. It expanded the unemployment insurance for workers, but it also allocated $350 billion to the Paycheck Protection Program, which is meant to help small businesses (fewer than 500 employees) impacted by the pandemic and the economic downturn. It will allow them to borrow money for payroll, rent, or mortgage and utilities, as well as debt obligations during the “covered period.” This webinar will answer key questions regarding the Paycheck Protection Program (PPP) eligibility, terms, applications and other related topics. Learn more and register here.

Compliance Alliance hosted a webinar on March 31 providing more information about the COVID-19 pandemic as it relates to banking. A recording of this webinar is available here for all banks whether you are a member of Compliance Alliance or not.

VBA Endorsed Provider Compliance Alliance is offering their Pandemic Tools to VBA member banks. Tools include:

DHG Webinar: Families First Coronavirus Response Act

Last week, 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 last week on the Families First Coronavirus Response Act. You can access a recording of the webinar here.

Elliott Davis

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 here for more information on accounting for loan modifications and/or concessions.

FHLBank Atlanta

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 Collateral Policy. 

Shareholders must request approval to report loans under a forbearance agreement in conjunction with COVID-19. Read more

Harland clarke

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 has also launched a COVID-19 Resource Center and shared this article about how banks can really be there for their customers as we all navigate through this.

S&P Global Market Intelligence Resources

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 held a webinar this week 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

Recent Webinar: Novel Coronavirus- Preparing for the Latest Black Swan

TBL Networks Covid-19 resources

VBA Endorsed Provider TBL Networks has provided resources relating to COVID-19:

TCA

COVID-19 Business Impact:What Can You Do to Help?

Considerations for Managing an Offsite Review

Troutman Sanders and Pepper Hamilton Resource Center

Upcoming Complimentary Webinar: Restructuring in the Time of COVID-19
Thursday, April 2nd – 12:00 PM

As the world reacts to the COVID-19 global health crisis, businesses in all industries will eventually feel the impact of the pandemic’s economic and financial disruption. What steps can borrowers, lenders, customers and vendors take to protect themselves? How can taking a proactive stance with business partners help to avoid financial distress? Join Pepper Hamilton partner Deborah Kovsky-Apap and Troutman Sanders partner Hugh McDonald for a webinar to discuss risk mitigation strategies, out-of-court debt restructurings and in-court reorganizations. The discussion will also focus on strategic and financial opportunities, including § 363 sales. Click here for more information.

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

WolfPAC Solutions and Wolf & Company

Wolf & Company also hosted a webinar this week on responding to COVID-19 and steps to take for continued operations during this interruption. You can access a recording of this webinar here and also access a PDF of the slide deck here.

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

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. We have included the NEW dates of the postponed events below.

If you are currently registered for these events, you will hear directly from us with information on how to transfer your registration to the new date. If you are unable to attend the event on the new date, all cancellation fees will be waived.

We will also be updating the message on the VBA event hotline at (804) 819-4739. Please contact Courtney Fleming with any questions.

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

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.