March 31, 2020
Dear Customers,
The coronavirus pandemic continues to impact our communities and small businesses in a variety of ways. From the loss of business to remote work, the day to day changes with the COVID-19 outbreak are continuously evolving and businesses are being forced to adapt. Oconee State Bank remains committed to bringing our business customers and community the best resources and information to help you navigate this challenging time.
On March 27, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which is aimed at providing financial relief for the economic downturn caused by the Coronavirus pandemic. This blog specifically addresses the portion of the legislation regarding the Paycheck Protection Program (PPP), which is an unprecedented forgivable loan program designed to help businesses retain workers and meet other obligations during the pandemic. This Paycheck Protection Program will be broadly available to our customers whose businesses have been impacted by the pandemic. Our team at Oconee State Bank is ready to assist you in evaluating and structuring your business’s participation in the Paycheck Protection Program. The link shared below is a great resource for details currently known regarding eligibility, loan amounts, and debt forgiveness. The legislation has been passed, but final guidance from the Small Business Administration (SBA) is required before banks are able to originate these loans for our customers. This guidance is anticipated in the coming weeks, and our Oconee State Bank team will continue to update you accordingly as information becomes available.
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Our Oconee State Bank team remains steadfast in support of our local business community. As we all continue to navigate the changing landscape of business operations and adhere to suggested guidelines for social distancing, we are here for you at every step. As a small business owner or someone integral to the day to day operations of your local business, we encourage you to set up your online banking and download our mobile app. In addition, we encourage you to consider establishing automated services, such as electronic statements, direct deposit, bill pay, and mobile deposit. Our financial center team members stand ready to assist you in establishing and mastering the use of these alternative delivery channels.
As we enhance our plan to address the changing conditions across the communities we serve, we will continue to provide updates to you on this channel, as well as on our website at www.oconeestatebank.com and on our Oconee State Bank social media pages.
Our vision to be essential to the lives, businesses, and communities we serve remains unchanged. In this time of increased uncertainty and concern, achieving this vision continues to be a top priority for our team. |