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. 

SBA/PPP Information

PPPLF Information

  • 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.

State Bankers Association Letter to House and Senate Leadership: PPP Reauthorization

PPP Interim Final Rule - as of 4.24.2020

New guidance on director loans and more – as of 4.14.2020

New guidance on 10-day disbursement window, fee payments – as of 4.29.2020

New guidance on whole loans sales of PPP loans – as of 5.5.2020

New guidance on Nondiscrimination and Additional Eligibility Criteria – as of 5.6.2020

New guidance that extends reporting deadline on initial PPP loans to May 22nd – as of 5.8.2020

Addendum to the Interim Final Rule on Loan Increases - as of 5.14.2020

New guidance on eligibility requirements related to entities with foreign affiliates – as of 5.18.2020

Read the Interim Final Rule

Additional Guidance on the Implementation of Section 1112 of the CARES Act, Subsidy for Certain Loan Payments, for the 7(a) and 504 Loan Programs

Guidance on Calculating Max PPP Loan Size

Promissory Note Form

Download the final borrower application.

Download the lender guaranty application.

Paycheck Protection Program Lending Facility Term Sheet

Form 3506 - non-SBA lenders must submit in order to receive delegated authority to issue 7(a) loans under PPP. Completed forms can be submitted to delegatedauthority@sba.gov.

Form 2484 – Lender application for the SBA guaranty on the loan

Treasury FAQs – released 5.13.2020

AICPA Recommendation on Agent Fees

CFPB Clarifications to Support Small Business Applying for PPP Loans

View more information at treasury.gov/cares.

FHLBank Atlanta Special Advance Offering for PPP Loans

PPP Loan Forgiveness Information

PPP Loan Forgiveness Application

Form 1502 Guidance for PPP Processing Fees

Interim Final Rule – Loan Forgiveness

Interim Final Rule – Borrower and Lender Responsibilities 

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:

  1. Create an account on SBA Connect.
  2. Request authorization to the Paycheck Protection Lender Gateway by providing your FRS, FDIC, or NCUA number as well as your authorization number.
  3. 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.

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

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

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.

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 June 14, 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: Customizable Email Template Email Template PDF

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.

ABA Webinars

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:

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

PPPLF Information

  • 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

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.

FHFA Announces Payment Deferral as New Repayment Option for Homeowners in COVID-19 Forbearance Plans

VBA Partner Resources

AbA Insurance ServiCes

ABA Insurance SafeAlert Bulletins Blog

ABrigo

As banks work with small business customers on PPP loan forgiveness, the VBA is pleased to bring to members Abrigo as an Endorsed Provider. Abrigo’s automated PPP loan forgiveness solution provides banks with software to digitize the collection and submission of any required forgiveness documentation, so banks can spend less time dealing with manual processes and more time serving their small business borrowers. In addition to increased efficiency and speed on the front end, Abrigo’s solution also gives banks the ability to calculate the forgiveness amount based on the provided PPP guidelines to ensure compliance and accuracy. Lenders can also generate Form 1502 within the platform to request their loan processing fees from the Small Business Administration (SBA) and for ongoing monthly servicing. Abrigo is an established, leading technology provider of compliance, credit risk, lending, and asset/liability management solutions that banks use to manage risk and drive growth.

The VBA was able to secure special discounted pricing and other benefits for member banks who choose Abrigo’s solution. We were pleased to work with Virginia banking veteran Jeff Culver to leverage his experience and knowledge of lending operations and vendor selection in vetting and selecting Abrigo for this endorsement. As your bank evaluates its approach to the PPP forgiveness process, Jeff is available to assist and can be reached via email here.

Click here for a recording of Abrigo’s webinar and demonstration of their PPP Loan Forgiveness Solution and here for the presentation slide deck. 

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.

Recent Article: Paradigm Shift - Digital Lending in the New Normal

Compliance Alliance Resources

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

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.  

Upcoming Webinar: Compliance Alliance will hold a webinar this Tuesday, May 26th, at 3:30 p.m. on PPP Loan Forgiveness: What We Know. This webinar is open to all bankers - no Compliance Alliance membership is required. This webinar will give you 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 will capture up-to-the-minute information needed to begin preparing for forgiveness. Learn more and register here.

cornerstone advisors

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.

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

FHLBank Atlanta Special Advance Offering for PPP Loans

Recent Webinar Recording: FHLBank Atlanta Collateral Relief Program

FHLBank Atlanta Collateral Relief Program - Overview

FHLBank Atlanta Collateral Relief Program Webinar Recording

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 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 and contact Billy Hicks for more information.

Harland Clarke has available a  COVID-19 Resource Center and read this article about how banks can really be there for their customers as we all navigate through this.

Murphy & mcgonigle

Upcoming Webinar: Paycheck Protection Program: Litigation Primer for Banks webinar being hosted Thursday, May 21 from 2pm-3pm. CLE credits available

PWCampbell

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. These guards are designed to require very little assembly by the staff, therefore, requiring no outside personnel to be onsite. They are sturdy structures and do not require permanent installation that would leave damage to the work surface. For more information and pricing, contact Kevin Poirot | 412.963.0100 ext. 103.

Floor Graphics can be a great help to promoting social distancing within the branch – both for appointment only operations and for branch re-openings. These floor graphics can be customized to a bank’s branded colors and messaging and 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. These 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.

Read more about Q2’s automating SBA PPP lending solutions for community banks.  

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 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

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

SRA is offering complimentary use of their Watchtower Enterprise Risk Software Dashboard for Pandemic tracking. Click here for the video overview. To sign up for a free dashboard, click here

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

Recent Article: Agencies Release Interim Final Rule on Deferral of Appraisals/Evaluations

Troutman Sanders and Pepper Hamilton Resource Center

Recent Webinar: Current Status of the Paycheck Protection Program (PPP) from an Applicant and Banking Perspective Webinar 

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

WolfPAC Solutions and Wolf & Company

Wolf & Company provided a webinar on their response to COVID-19 and steps to take for continued operations during this interruption. You can access the recording here and the PDF slide deck here.

They have been helping clients validate that they are maintaining appropriate safeguards and controls through the following remotely executed 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

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.