October 13, 2020 – Coronavirus Update – SBA PPP Status Update
October 13, 2020
Dear Essex Savings Bank Customers/Families,
For the health and well-being of our clients and staff, we are continuing to monitor the latest news about COVID-19 (Coronavirus). Due to the rapid progression of this virus, Essex Savings Bank is operating expanded drive thru services and is available by phone, email and online. While our lobbies are closed, we are continuing to meet with customers requiring in person assistance, such as access to their safe deposit boxes, or on an appointment basis. (Masks Required) To provide safety and separation as directed by the state, many of our staff have shifted to operating remotely while adhering to essential service needs. In an abundance of caution, we plan on continuing to operate this way for the foreseeable future until more data on the virus tracking and containment is obtained following the opening of businesses. We plan on remaining thoughtful for the health and well being of our customers and staff. Additionally, Essex Savings Bank, Essex Trust and Essex Financial Services fall under the “critical infrastructure workers” as defined by the Department of Homeland Security and continue to operate, as we have throughout this crisis.
Paycheck Protection Program
As a community bank, we continue to stand by your side in this unparalleled time of need. While the government has announced the opening date for PPP forgiveness submission is August 10, 2020, we have been waiting for additional details of the forgiveness rules from the SBA. On October 8, 2020 the Small Business Administration (SBA) issued an interim rule regarding the program for loans $50,000 or less and guidance regarding the lenders’ responsibilities in reviewing borrowers’ expenses to qualify for full forgiveness. There is a new simplified form 3508S which requires fewer calculations and less documentation. We are studying the requirements necessary for full forgiveness for all loan sizes. We will modify our portal to conform to these new requirements. Therefore, we are asking our customers to allow us time to review these updates from the SBA prior to submitting their loans for forgiveness. As a reminder, businesses will have to provide documentation to support forgiveness for all or a portion of the approved PPP monies, so we ask that you take care to track this important information from the date that your PPP funds were disbursed. Once all information is adjusted to conform with regulatory guidance, we will send you an email from email@example.com outlining the specific information you will need to submit with your electronic application for forgiveness through our web-based portal. Thank you for your continued support and patience.
Due to the effects of COVID-19 delivery of your statement may be delayed. As an account holder, you have many alternative banking channels available to you if you do not wish to utilize the branch drive through. These services include eStatements, online account viewing, bill pay, transfers, person to person payments, mobile check deposit and more.
- Online banking is available (To register, click here to go to our Online Banking page)
- Mobile banking is available (Visit our Electronic Banking page to download the free Essex Savings Bank app from Google or the App store)
- Apply for a Mortgage Online
- Call (844) 824-9387 for online banking assistance
- Call our 24-Hour Phone Link at (888) 767-0046 for up to date automated account information
- Call us at (860) 767-4414 if you have any other questions
- Contact your employer for your paycheck to be direct deposited
- For businesses, consider applying for remote deposit capture to transmit checks to the Bank from your office and ask us about online wire capabilities
Please continue to keep informed and follow the guidelines of the CDC to help prevent the spread of this illness – https://cdc.gov):
- Clean and disinfect often (in addition to typical cleansers, hydrogen peroxide is effective in combatting the virus)
- Wash your hands using soap and water for at least 20 seconds frequently throughout the day
- Avoid close contact with people who are sick
- Stay home if you are sick (fever, dry cough and shortness of breath are signs of the coronavirus)
- Disinfect your phone and keyboard daily along with any shared devices
- Cover coughs and sneezes
- Wear a face-mask
We appreciate your efforts in preventing the spread of this virus by recognizing the signs of your own health issues. Please call us with your financial needs and questions. We continue to stand ready to assist with your financial needs.
Please continue to visit our website for any updates.
Gregory R. Shook
President & CEO