As we continue to navigate through the COVID-19 crisis, our first priority remains the safety and well-being of our employees, customers, and community. I’m pleased to let you know that the policies and procedures we have in place for situations like this are working as planned. First Westroads Bank remains fully committed to handling your banking needs, whether it be through phone, technology, drive-thru services, ATMs, or by appointment. Simply said, we are here to help you on this evolving journey!
Besides maintaining the health safeguards we have in place, our focus in the coming week will be to help you and your business better understand the Coronavirus Aid Package (CARES Act). This act is intended to provide financial relief to individuals and businesses that have been the hardest hit by the recent, unprecedented freeze on the American way of life. As you can appreciate, many details of the CARES Act will be worked out in the coming days. Our banking association had a call Friday afternoon with the Small Business Administration and they indicated the details and operating procedures for these programs still need to be finalized. We are told those details will be out next week. When we receive them, we are planning to host a webinar that we would like to invite you to join. At that time, we will strive to provide you the most current information on the following topics:
Who is eligible for the various benefits the package provides?
Loans vs. direct relief (businesses and individuals)?
How do you apply?
How long will it take to get the funds?
Details on the webinar date and instructions for registering for it will be forthcoming. In the meantime, the following website from the Small Business Administration might be a great resource for you: