Previous Coronavirus Communications

How To Be Prepared: Your Checklist of Information

Being prepared brings peace of mind and a smoother path forward. The more prepared you are, the easier the application process to request the help you need will be for you and our team here at Village Bank. Working together we can get this done. Click HERE to find a check list of information we will be asking for to ensure you are able to fully complete your application the first time.

Keeping You Up-to- Date with the Latest PPP Information 4.27.21

Spring is upon us and we at Village Bank, especially this year, feel that “Hope springs eternal”. As we wind down the Second Round of the Payroll Protection Program (PPP), our hope is that you, your employees and your business have weathered the COVID storm and are ready to operate in a somewhat normal environment once again. Our communication this time around is, as always, meant to keep you up to date with the latest information and guidelines from the SBA, and a summary around navigating the PPP process through our online portal.

Second Round borrowers (2021) will be eligible to apply for forgiveness for First Draw and Second Draw loans, starting Friday, April 30th. Two conditions need to be met before applying:

• At least 8 weeks have elapsed since your disbursement date and,
• All loan proceeds have been spent on payroll and applicable non-payroll expenses.

The aforementioned email address will be utilized for all communication concerning the forgiveness process. If you applied for First Round PPP forgiveness, the Second Round forgiveness process will be the same. If the forgiveness process is new to you, please know we will gladly guide you through the process. The SBA continues to keep their website up-to-date with detailed information regarding PPP Loan Forgiveness. You can click here to access the SBA’s resources.

With the SBA’s legislation extending the PPP to May 31, 2021, Village Bank will discontinue accepting new loan applications on May 24, 2021. This provides the Bank sufficient time for processing your application. Please submit your application at your earliest convenience.

Finally, as we all begin to look forward again, Village Bank is here to help you explore additional SBA funding options for your business. For instance, the SBA is offering unprecedented incentives for their 7a loans, for a limited time, that may be a benefit to you in the coming year. We can help you explore your options and determine what will be best for your circumstances and goals.

Thank you for trusting Village Bank in your time of need during an unprecedented year. We hope we have exceeded your expectations throughout the PPP process and that you continue trusting us as your long term financial partner.

Good news to small business owners 3.12.21

The U.S. Small Business Administration (SBA) issued new Paycheck Protection Program (PPP) rules this month that allow self-employed individuals who file Form 1040, Schedule C, Profit or Loss from Business, to calculate their maximum loan amount using gross income rather than net profit. This change allows small businesses to qualify for larger loans which is very positive news for so many of you that recognized little, if any, net profit on your Schedule C.

More information is available on the SBA’s website. As well, the SBA released a helpful document containing an updated set of FAQs and the six updated or new application forms.

Village Bank is here to help. Our software program has incorporated the latest changes from the SBA. Please email us at SBAPPP@villagebank.com to receive a link to our PPP Application Portal. The portal is designed to walk you through the process and help you get the funds you need to keep your workforce employed during the COVID-19 pandemic.

At this time, the PPP is set to end March 31, 2021. Plan to get your application completed as soon as possible.

New Updates to the Latest Round of SBA PPP Loan Applications 3.8.21

We have important information regarding recent changes by the SBA that may be of interest to you as Village Bank continues to accept your First-time or Second-draw PPP Loan Applications:

1. The SBA is accepting applications from eligible businesses of all sizes now through March 31st.
2. The SBA is allowing 1040 Schedule C applicants to calculate their payroll based on the gross income (Line 7) or net profit (Line 31). If you are a 1040 Schedule C applicant without employees, you may apply at this time and choose to calculate your loan amount with either the gross (Line 7) or net (Line 31) calculation.
3. The SBA’s Paycheck Protection Program is set to end on March 31st. If you have an interest in pursuing a Second Draw PPP loan, please be sure to get your application completed as soon as possible. If you need a link to our Application Portal to get started, please email us at SBACares@VillageBank.com

Village Bank is working diligently to process your loan requests as quickly as possible. We will help you throughout the process and look forward to continuing to build our relationship long after the SBA PPP Loan Program ends.

Please note the information provided by Village Bank is subject to change pursuant to guidance from the SBA. Detailed information can be found at the US Department of Treasury and the US Small Business Administration’s website.

SBA PPP Loans: Simplified Forgiveness 2.8.21

At long last, the SBA has granted the wish of a simplified forgiveness process, for which many of our borrowers have been anxiously awaiting. The SBA is requiring only a simple one-page attestation, on loans $150,000 and less, without the need for additional documentation. This new 3508S application will be loaded into our portal on Saturday, March 6th.

There are a few things we will change in our process to accommodate these requests:

• Between March 1st and March 5th, you can expect to receive your personalized link to the portal.
• If you do not receive a link by March 6th, email SBAPPP@villagebank.com.
• Click the link, sign in and fill out the necessary information in the application.
• NOTE: Before you can submit, you need to complete the Authorized Signer section.
• After submitting, we will send the 3508S application to you; this will require you to initial and eSign.
• Once we receive the eSigned documents, we will submit your application to the SBA.

For those of you whose loan amounts are greater than $150,000 and who have not applied, email us at SBAPPP@villagebank.com at your convenience. Remember, you must apply within 10 months of the last day of your covered period.

As always, thank you for allowing us the opportunity to help in a year like no other. We continue to strive to do our very best for you and our local communities.

Second Round PPP: Streamlining the Process 1.13.21

We find ourselves once again about to begin another round of PPP loans. This time our process will be more streamlined as opposed to the unavoidable paper-intensive process of the first round. For those of you that have used our forgiveness portal, this process will somewhat mimic what you have already experienced. The Second Round of PPP will be entirely online and handled through a portal where you will input your business information, average payroll amounts, quarterly revenue amounts, upload documents and ESign documents. We hope you will find this process easier and more efficient. We want you to know that we are still here to answer any questions you might have along the way.

In anticipation of the SBA opening up Second Draw to community banks next week, you can expect to receive a link to our PPP Portal in the next 24-48 hours. Unlike the Forgiveness Portal, you should note that the link you receive for the PPP Portal is not a personalized link. The login page is actually your Sign Up for the PPP Portal. Please disregard the Email and Password sections and go directly to SIGN UP. Once you SIGN UP, be sure to safely secure your login information. As you work through the application process, you will be able to log in and out of the site as much as you need.

If you have not already reached out to our SBACares email address or to your Relationship Manager, and you are interested and ready to get your link, please email us at SBAPPP@villagebank.com.

Once you have submitted your application, we will review it to ensure it is complete and all of the required documentation has been provided. We are committed to reviewing these applications thoroughly and expeditiously. Once all requirements are met your application will be submitted to the SBA.

On January 19th, we expect the SBA to open their funding portal to Village Bank. The SBA has informed us that the process of approving this round of PPP loans will take a while longer than it did in the first round. Please be patient. Also, you have until March 31, 2021 to apply for the Second Round of PPP, which we hope will help alleviate some of the pressure to urgently submit your application.

Details concerning the closing and funding process will be communicated within a week of the SBA’s approval of your application. Until then please know that we will work tirelessly to fulfill your PPP loan requests as quickly as possible.

Again, we are honored to be in a position to help you through this process and we appreciate your confidence in Village Bank as a community bank who stands with you during these most challenging times. Your Village Bank SBA PPP Team

PPP Loans Round 2 Update: Poised and Ready 1.9.21

Do not fear, your bank is here!

The next round of PPP loans are upon us and we are staying abreast of updates as they come in from the SBA and Department of Treasury. While we have initial guidance from the SBA, we still need more specifics to understand all the nuances of this next round. We expect to have the Application forms for First draw and Second draw PPP loans over the weekend, but will not be able to submit applications to the SBA until their funding portal has been established. We believe they will be ready by the end of next week.

There is no rush to apply!

Applications will be accepted through March 31, 2021 with a general understanding that the PPP funds will be there, whether you apply early or the last week in March. Second draw borrowers do not have to apply for forgiveness for their first round of PPP to be eligible for the second round, but the funds from the first round should be exhausted. For First draw borrowers, we welcome the opportunity to assist you during the PPP process.

We will keep you updated!

As updates to the PPP process become available, we will update our website and send out emails like these to keep you informed. Also, please consult www.sba.gov in the meantime for your reading pleasure.

As always, we welcome the opportunity to help you navigate the PPP process again or if this is your maiden voyage.

The New COVID-19 Relief Package: Village Bank Stands Ready 12.29.20

Village Bank is pleased to bring you news about a new $900 billion COVID-19 relief package which was approved by Congress and the President signed into law on December 27th. It was our honor to support our local business community in the first round of the Paycheck Protection Program (PPP) and we are prepared to bring new and existing customers that same high level of customer service again.

Congress provided the Small Business Administration (SBA) time after enactment of the bill to develop additional guidance, forms, and processes to accommodate the provisions of the act. The information we are providing here is based on what is known today. This may change as additional details from the SBA become available. With that said, the new relief package includes key features that we would like to call to your attention.

Reforms to Current PPP

• Re-opens the PPP for first time recipients. Expanding eligible entities to include 501(c)(6)s, destination marketing organizations (DMOs), housing cooperatives, newspapers, broadcasters, and radio stations who were in operation on February 15, 2020. It does however prohibit publicly traded companies from receiving PPP funds as well as those entities receiving a Shuttered Venue Operator Grants.
• Extended covered period. Covered period for first draw loans is extended to March 31, 2021. Borrowers may choose the end of their forgiveness covered period between 8 and 24 weeks after the loan origination.
• Economic Injury Disaster Loans (EIDL) Advance fix. EIDL advances will no longer be deducted from the forgiveness proceeds received from the SBA. For those with EIDL advances whose forgiveness has already been processed, additional details will be forthcoming.
• Simplified forgiveness for smaller loans. For PPP loans of $150,000 or less, borrowers seeking forgiveness will now only be required to submit to the lender a one-page attestation of compliance with program requirements. No additional information is required for those specific forgiveness applications.
• PPP Covered expenses are tax deductible. Business expenses paid with forgiven PPP loan proceeds are now eligible to be deducted from taxable income, superseding previous IRS guidance.

PPP Second Draw Loans

• Authorizes $325 billion for PPP, EIDL and other small business assistance
• Eligible borrowers:
  • Fewer than 300 employees.
  • Must have a reduction in quarterly revenues of at least 25% compared to the same quarter in 2019.
  • Stock not traded on a national exchange.
  • 501(c)(6) are eligible, but any entity for which lobbying comprises more than 15% of receipts or activities is not eligible.
• Maximum loan. 2.5 times average monthly payroll or $2 million, whichever is less. Businesses in the restaurant and hospitality industries (NAICS 72 entities) are eligible for loans for 3.5 times average monthly payroll.
• Interest rate and term. 1%, 5 years.
• Eligible expenses. The bill expands eligible expenses to include PPE expenses, costs associated with outdoor dining, and supplier costs, but payroll expenses must still comprise no less than 60 percent of eligible expenses.
• Program Expiration. The new PPP program will expire on March 31, 2021.

This newest COVID-19 relief legislation also contains updates related to the extension of SBA Debt Relief Payments, modifications to the SBA 7(a) Program and details regarding new EIDL advances. Clearly there is a great deal of information to be reviewed and confirmed. As mentioned before, we will keep you updated as we learn more.

At this time it is important to understand, there is nothing for you to do today. We will continue to provide updates here on our website and existing PPP customers will be notified by email when action can be taken. Until then know that Village Bank is here to continue to support our small business community. We stand ready to work with you as new provisions of this legislation are implemented.

Your Village Bank Paycheck Protection Program Loan: Forgiveness Update – 12.3.20

It has been a little over a month since we last sent out an update on the PPP Forgiveness front. Our last communication outlined the new form the SBA was making available to borrowers with loan amounts of $50,000 or less – the 3508S. This form has been loaded into our forgiveness portal and we encourage you to go ahead and start the process when you are ready.

Since our last communication, we have a few updates concerning the PPP process to bring to your attention:

• Following a court order, the Small Business Administration will today release the names, addresses and precise loan amounts for Paycheck Protection Program loans and COVID-19-related Economic Injury Disaster Loans, according to news reports. SBA declined to appeal a judge’s order in a case brought by multiple news organizations seeking data more granular than what SBA has already disclosed.
• On 11/18/20, the IRS released a revenue ruling (RR 20-27) concerning PPP- “A taxpayer that received a covered loan guaranteed under the PPP and paid or incurred certain otherwise deductible expenses listed in section 1106(b) of the CARES Act may not deduct those expenses in the taxable year in which the expenses were paid or incurred if, at the end of such taxable year, the taxpayer reasonably expects to receive forgiveness of the covered loan on the basis of the expenses it paid or accrued during the covered period, even if the taxpayer has not submitted an application for forgiveness of the covered loan by the end of such taxable year.” Basically, this is saying you must reduce expenses in 2020, even if you haven’t received forgiveness from the SBA or turned in the 3508 application.
• Borrowers with EIDL grants ($1,000-$10,000) are having their forgiveness amounts reduced by the SBA when remittance has been sent to Village Bank. Legislation is currently being looked at in Congress to forgive these EIDL grants in the future. In the meantime, if you have received an EIDL grant you can reasonably assume that will reduce the amount of your forgiveness. Note- EIDL loans are not being deducted and you do not need to list this information in the online portal.

As a reminder, when the SBA has remitted payment to Village Bank, your Relationship Manager will notify you and subsequently send a PPP Notification Letter. If you receive partial forgiveness and/or have an EIDL remaining, we will send a supplemental Promissory Note reflecting the new loan amount.

We thank you for not only the opportunity to help you navigate through this process, but for being a valued client. Our hope for you during this time is for a safe, healthy and joyous holiday season.

Your Village Bank Small Business Administration Paycheck Protection Program Loan: Update Regarding Loans of $50,000 or Less: 10.14.20

The Small Business Administration (SBA) recently announced a change in the Paycheck Protection Program (PPP) that lessens the documentation requirements when applying for forgiveness of loans of $50,000 or less.

More specifically, a new application form (Form 3508S), for use only by borrowers with PPP loans of $50,000 or less, does not require borrowers to calculate a reduction in forgiveness if they reduced employee salaries or wages.

While this may reduce some paperwork, the SBA acknowledges that the practical effect of this change is minimal: it does not affect businesses with no employees other than the owner and it is not expected to materially impact the amount to be forgiven. Rather, it is meant to reduce some paperwork.

What does this mean for you?

• These changes do not affect borrowers with PPP loans of more than $50,000.
• If you have you have a PPP loan of $50,000 or less and have already submitted an application for forgiveness with all previously required information, there is nothing you need to do. Your application will continue to be processed (we will be in touch if there are any questions).
• If you have a PPP loan of $50,000 or less and have not yet submitted an application for forgiveness, the SBA is currently updating its systems to accept the new application form (it is currently unable to process Form 3508S). Similarly, Village Bank’s online forgiveness portal is being updated. Until such time as we notify you, please do not attempt to submit Form 3508S. We expect these updates to occur over the next week or so.

In the meantime, if you would like to familiarize yourself with Form 3508S and its instructions, you can find it by clicking HERE. We will notify you when the online portal is available to process these applications (at which time you can email SBAPPP@villagebank.com to receive your personalized link to our on-line forgiveness portal).

As a reminder, many applications for forgiveness received to date have not been accompanied by documentation required by the SBA. Please read the online portal’s instructions, paying close attention to the Required Documents link in every section. Applications for forgiveness lacking required supporting documentation cannot be processed.

Your Village Bank Small Business Administration Paycheck Protection Program Loan: Update – 9.28.20

The Payroll Protection Program (PPP) and the Forgiveness process is in full swing and applications are currently being reviewed and sent to the SBA for validation. We encourage our PPP borrowers to begin the forgiveness process when you believe your business is ready to apply and realize full forgiveness of your PPP loan.

Many of you have requested access to Village Bank’s online forgiveness portal by emailing SBAPPP@villagebank.com. Some have progressed further, having submitted forgiveness applications and supporting, SBA-required documentation through the portal. The majority have not yet submitted their applications for forgiveness.

Reminder: Applications for forgiveness may be submitted to the Bank up to 10 months after the end of the Covered Period (see below for additional information regarding Covered Period). If an application for forgiveness has not been submitted within 10 months of the end of the Covered Period, payments will commence.

A few observations and reminders:

• A forgiveness application is not deemed “submitted” until a completed application and ALL supporting, SBA-required information has been received by the Bank (information requirements are detailed in SBA Forms 3508 and 3508EZ and accompanying instructions).
• If a payroll service has provided a summary of information needed to complete the SBA application for forgiveness, the detailed payroll information from which the summary is drawn must also be provided.
• Borrowers whose PPP loans were approved by the SBA prior to June 5, 2020, must select either an 8-week or 24-week “Covered Period” (a 24-week Covered Period applies to all PPP loans approved by the SBA on or after June 5, 2020). Qualified payroll and non-payroll expenses either paid or incurred during the Covered Period serve as the basis from which to calculate how much of a PPP will be forgiven. When selecting a “Covered Period,” carefully consider which option will maximize the amount of forgiveness.
• Note: Borrowers selecting the 24-week Covered Period may nevertheless submit an application for forgiveness and supporting documentation earlier if they believe they have met their forgiveness objectives.

If you have questions regarding your PPP loan, please submit them to SBAPPP@villagebank.com.

Your Village Bank Small Business Administration Paycheck Protection Program Loan: Forgiveness Starts Here – 7.2.20

As we have previously communicated, the Paycheck Protection Program (PPP) program continues to evolve, including the process associated with forgiveness. In fact, the Small Business Administration has not yet instructed banks on how to transmit completed applications for forgiveness. Regardless, we are aware that many of you would like to start the forgiveness process, or at least become familiar with the steps required to apply.

Village Bank’s online PPP Loan Forgiveness Portal (the “Portal”) will be accessible to customers beginning Monday, July 6, 2020. The Portal will be the exclusive way to submit applications for forgiveness, and will guide you through the forgiveness process.

The Process

The process will start with an email inviting you into the Portal via a provided link. When you connect, you will be asked to create a new password. Once in the Portal, you will be taken through a step-by-step process to complete your application for forgiveness. Along the way, you will see helpful tips (click on ”?” throughout the tool), calculators, and a simple process for uploading all the SBA-required documents to support your request. You can also save your work and come back to it at a later time if necessary (just make sure you press “save” before exiting!).

When your application is complete – and all SBA-required supporting documents have been uploaded -you will press “submit” to send the package to the Village Bank team for review. We will communicate next steps after our review.

Form 3508EZ

The US Treasury and SBA recently released Application for Forgiveness Form 3508EZ, an abbreviated version of Form 3508, that may be used by PPP borrowers meeting certain criteria. While the form is a bit shorter, it still requires a substantial amount of supporting information. The Portal will guide you through a series of questions to determine whether Form 3508EZ can be used.

Next Steps

Given the continuing evolution of the PPP, some clients may want to wait before applying for forgiveness. However, if you are interested in starting the process sooner rather than later, or you believe that you have satisfied the conditions for the amount of forgiveness you are seeking, please email us at SBAPPP@villagebank.com. You will then be sent an email with a link to the online Portal. Simply click on this link, create your PIN, and you will be ready to go.

For those clients who wish to wait, an email containing the link to the Portal will be sent upon receipt of further guidance from the SBA.

Please email us at SBAPPP@villagebank.com with any questions.

Your Village Bank Small Business Administration Paycheck Protection Program Loan: Forgiveness – 6.24.20

Congress, the US Treasury and the Small Business Administration (SBA) continue to issue program changes and additional guidance (the latest was issued Monday night, June 22, 2020), which result in the need to update forgiveness processes and make system changes to our online PPP Forgiveness Portal before it is deployed. In addition, the SBA has not yet provided information to banks as to how to submit completed applications for forgiveness for its review.

Barring any additional changes, we will be reaching out to you with further information over the coming days regarding the online forgiveness portal and its user-friendly, Turbo Tax-like functionality.

In the meantime:

• Please continue to collect information that will be required to process your applications. The information that you will need to provide can be found within the applications for forgiveness (Forms 3508EZ and 3508) and the accompanying instructions at sba.gov (review the versions of these documents that were updated on June 16, 2020).
• Remember, you are in a payment deferral period. Waiting to process your applications for forgiveness will not change the amount you owe or need to pay. Once the SBA approves and processes forgiveness applications, the amount forgiven, plus associated accrued interest, will be subtracted from the balance you owe.
• You will be informed when we are ready to receive your Forgiveness application. We will be in contact with additional information shortly.

Small Business Administration Paycheck Protection Program Loan Update – 6.18.20

The Payroll Protection Program Flexibility Act (PPPFA), signed into law on June 5, 2020, confirmed that June 30, 2020, is the last day for submitting Payroll Protection Program (PPP) loan applications to the Small Business Administration (SBA).

To accommodate processing time, Village Bank will continue to accept PPP applications from businesses with five (5) or more employees and 501(c)/501(c)19 non-profit organizations until Friday, June 26, 2020 at 5:00 pm. Applications received after June 26, 2020, at 5:00PM, will not be processed. The business size/type limitations are, in part, meant to maximize the community impact of the remaining PPP loans being made. Note that processing of applications is dependent upon receipt of complete information and continuing availability of SBA funds.

If you are a business with five (5) or more employees or a 501(c)/501(c)19 non-profit organization and still want to apply for a PPP loan, please download the Revised Application Form, provide required supporting information (Paycheck Protection Program Checklist) and submit your request to SBAPPP@villagebank.com. Remember: Your application and all required supporting information must be received by Village Bank no later than 5:00 pm, Friday, June 26, 2020!

Your Village Bank Small Business Administration Paycheck Protection Program Loan: Recent Developments – 6.10.20

If you are a small business owner who received their Small Business Administration’s Paycheck Protection Program (PPP) loan through Village Bank you should have received an email from us on Wednesday, June 10th. If you did not please send an email to SBAPPP@villagebank.com with your name, company name and your email address. As the PPP continues to move along a winding road, we remain committed to helping you navigate through this process. The purpose of the email, which can be found HERE in its entirety, is to bring you up to speed on recent developments and introduce what the next steps for the Forgiveness Phase will look like.

Recent Developments

We want to make you aware of some major revisions resulting from the Payroll Protection Program Flexibility Act of 2020 (PPPFA), which was signed into law Friday, June 5, 2020. Highlights include:

• Extension of the “Covered Period” during which expenses paid and incurred may be forgiven.
• Lowering the percentage of forgivable expenses that must be spent on payroll costs loan forgiveness.
• Extension of the period over which employers may rehire or eliminate a reduction.
• The conditions under which the forgivable amount will not be subject to reduction.
• Elimination of the six month payment deferral period provision.
• Increase to five years the maturity of PPP loans that are approved by SBA on or after June 5, 2020.
• Elimination of a provision that made PPP loan recipients, who have PPP debt forgiven, ineligible to defer payroll tax payments.

Next Steps – Forgiveness

To make the forgiveness process a bit easier to manage, and to ensure that all SBA requirements are met, Village Bank is installing an on-line portal to assist you in the forgiveness application process and through which SBA-required supporting documentation can be uploaded.

• Given the additional guidance anticipated, Village Bank recommends that applications for forgiveness be delayed to ensure compliance with updated program requirements. A communication will be forthcoming over the next week regarding Village Bank’s in-take process for applications for forgiveness.
• In the interim, please continue to review the SBA’s documentation requirements (see SBA.gov) for forgiveness and begin collecting this information.

We appreciate your patience and understanding as we all work through the complexities of this program. Your Village Bank Relationship Managers are available to answer any questions.

Small Business Administration (SBA) Payroll Protection Program (PPP) – What’s Next? 5.22.20

For new and existing Village Bank clients who we worked with to secure a SBA PPP loan, thank you for providing Village Bank the opportunity to address your financial needs during this tumultuous time. If you are an existing client of Village Bank, thank you for your continued confidence in our ability to meet your financial needs. If you are new to the Bank, welcome to Village Bank! We look forward to getting to know you. We want to help make sure you feel confident about what to expect over the course of your PPP loan. While there is still more information to come, you can download this document that Village Bank has created to provide some basic information as to what to expect with particular emphasis on the next few months and loan forgiveness. The SBA has established detailed documentation requirements related to loan forgiveness, and we encourage you to begin preparing this documentation as soon as possible. Additionally, the Loan Forgiveness Application Form (SBA Form 3508) and instructions are now available and can be downloaded here for your reference. The earliest a borrower can ask for forgiveness is 8 weeks after loan disbursement. The Paycheck Protection Program continues to evolve, with additional guidance being frequently issued by the Small Business Administration and the US Treasury Department. Our processes will continue to be refined to incorporate changing Program parameters. But one thing that won’t change is our commitment to keep you informed. As the program evolves look to receive additional information from Village Bank in the near future. Until then, we hope you and your families stay safe and healthy, and look forward to working with you!

Future PPP Loan Request Update: 5.29.20

Beginning June 1, 2020, Village Bank will only accept PPP applications from businesses with five (5) or more employees located in the Central Virginia and Williamsburg areas, or 501(c)(3) organizations providing services in these areas. The five person minimum is intended to allocate Village resources in the spirit of the CARES Act, which is to protect jobs.

With the number of PPP applications decreasing, we are beginning to concentrate staff on the upcoming forgiveness phase of PPP. This will allow us to ensure continued high quality service and support for those who have received loans. Future PPP loan requests, meeting the criteria described above, are welcomed and should be emailed to SBAPPP@villagebank.com so that we can review the request and respond as quickly as possible.

Small Business Administration (SBA) Payroll Protection Program (PPP) – Round 2 Update

As of April 16, Village Bank has continued to process hundreds of PPP applications in anticipation of a second round of funding. We now believe that we are actively processing all of the applications that we might hope to be able to get approved in this second round. With that in mind, and the expectation that the SBA funds will be exhausted quickly, we are unable to accept any additional requests for the SBA paycheck protection program. We believe this decision is the most responsible course for us to ensure that we can fulfill, to the best of our ability, commitments to the applicants we are currently servicing. As previously stated, like you, we are just hardworking people doing our best to serve and support our customers and community. We are doing everything we can to get as much funding as possible to our community during this time of great need. We thank you for understanding why we felt it important to make this decision.

We appreciate the fact that you have looked to Village Bank for help and guidance during this critical time, and we will continue to do our very best for you. We are happy to discuss other options that may be available to you for your specific situation.

Although the first round of PPP funding has been fully allocated as of April 16th we do anticipate that there may be another round of SBA funding soon. However, we don’t know exactly when or how the program might change. In the meantime, we would like to make sure you and the bank team are as ready as possible to apply for any new funding you may be eligible for as soon as it is available.

• Click HERE to find a check list of informaiton we will be asking for.
• Contact us at SBAPPP@villagebank.com to inform us of your intent to apply and ask to receive a secure upload link for your documents. DO NOT send documents to this email. Only send documents via a secure upload link provided to you.
• Call us at 804.897.3900 with any questions you may have about the options available and the processes to apply.

Our team is prepared to continue to pushing through the record numbers of applications. Up to this point we have been processing applications about 5-7 days after receipt of all of the information we need. Understand that when you submit your application with us or with any other lender, the best possible thing you can do to speed the processing is to provide exactly what your lender requests. Providing a complete and accurate package will allow us to pick up the file and process it without unnecessary delay. Once received, we will do our best to communicate with you along the way, but please be patient with us. Loan closings are running about 7-9 days after approval. Rest assured that as soon as we have news or information for you we will contact you as quickly as possible. We appreciate the fact that you have chosen to trust us during this critical time, and we will continue to do our very best for you and your employees.

As you know, you are only allowed to apply for one loan under this program. If you have applied at another lender already, in addition to Village Bank, please let us know. We understand the strategy behind that approach, but we have encountered situations where we spend time processing an application only to find out that another lender has already secured SBA authorization for an applicant. We just want to work together to avoid those unnecessary delays so that we can help as many people as possible.

Like you, we are just hardworking people doing our best to serve and support our customers and community. We are doing everything we can to get as much funding as possible to our community during this time of great need. Know that when you convey your appreciation and share your stories of how the SBA PPP program helps you take care of your employees, it gives us great joy. This does so much to help us sustain our efforts during the long days and nights our entire team is putting in to responding to your needs.

Village Bank & COVID-19: We are here for you.

We here at Village Bank are heartened to see all facets of our community working together to curb the spread of the Coronavirus (COVID-19). We recognize that this collective response can create some significant disruptions. At Village Bank we are playing our part to protect our staff and customers from potential exposure. But we are also working to ensure that your banking needs continue to be met, while maintaining our standard of excellent customer service.

Bank Your Way.

Village Bank branches remain open and you can conduct business as usual. We encourage you to follow CDC guidelines on social distancing and personal hygiene and recommend using your debit card over cash. If you are minimizing your exposure, but still need to come to the branch Village Bank has convenient drive-thru and ATM services at all of our branch locations in the Richmond area. We also strongly recommend that you leverage all of the available tools for self-service banking and 24/7 account access through our mobile and online banking services. If you need assistance call us at 866.806.9306 (Monday – Wednesday: 8:30 am – 5:00 pm; Thursday – Friday: 8:30 am – 6:00 pm; Saturday 9:00 am – 12:00 pm.).

We’re Here to Support You and Your Business.

If the Coronavirus has impacted your business or employment, call our Customer Care team 866.806.9306, your branch manager or your commercial banker for assistance. We will work with you to help create solutions to get you through the challenges you may face, possibly including payment deferral plans or SBA loan options, depending on your circumstances. Same as in good times, we are here to help you solve your problems in the volatile times. We have the people, technology, products, services and tools to do just that.

We’re Here to Support Our Neighbors and Our Community.

If you know of a local organization that is stepping up in direct response to the Coronavirus impact on our communities, helping to fill the gaps in services and resources, please let us know. Village Bank team members are already actively reaching out to local organizations to aid in the cause, but we would like to learn about what is being done and how we might be able to help.

Protect Your Information.

The worldwide spread of the new Coronavirus is being used by bad guys to scare people into clicking on links, open malicious attachments, or give out confidential information. Be careful with anything related to the Coronavirus: emails, attachments, any social media, texts on your phone, etc. Look out for topics like:

• Check update Coronavirus map in your city.
• Coronavirus infection warning from local school district.
• CDC or World Health Organization emails or social media Coronavirus messaging.
• Keeping your children safe from Coronavirus.
• You might even get a scam phone call to raise funds for “victims”.

While these attacks may promise the latest virus information they are likely trying to get you to compromise your personal information. There will be a number of scams related to the Coronavirus, so please remember to think twice and click once.

We Are in This Together.

As part of our ongoing efforts to protect the health of our employees and customers from the potential impacts of the Coronavirus, Village Bank has enacted appropriate meeting and travel restrictions as well as solutions to work remotely when necessary. We also continue to share health and wellness information, including prevention tips from the Center for Disease Control, with employees. We are happy to share with you, this and other information from the CDC below:

• About Coronavirus Disease 2019 (COVID-19).
• What every American and community can do to decrease the spread of the coronavirus.
• Interim Guidance for Businesses and Employers.
• Latest Updates on the Coronavirus Outbreak.

While we, as a community, are still uncertain of the full impact that will be felt as a result of the Coronavirus response rest assured that Village Bank is here to help in any way we can. That’s what neighbors do for each other.

Bill Foster, President/CEO, Village Bank

Village Bank’s Response to the Coronavirus.

Everyone at Village Bank and Village Bank Mortgage would like to thank our customers for their cooperation in our efforts to protect our community from the spread of Coronavirus (COVID-19). I think we all, myself included, have been a bit shocked by how rapidly this situation is evolving–-even on a daily basis. At Village we are committed to doing what we can as a leader in our community to try and get ahead of the crisis at hand.

Our Village colleagues take extensive measures to ensure a healthy work environment and to protect you and themselves. We regularly clean surfaces, wear gloves and observe proper hygiene and social distancing protocols. In return we ask that you, our customers, continue to work together with us to responsibly face these challenges. We urge you to do your banking using the full range of resources we have available and to resort to in-branch or in person interactions only where necessary. The following options offer the safest and most secure way to conduct your banking in this environment:

• ATMs (which can handle a wide range of inquiries and transactions including taking and counting currency deposits).
• 24/7 account access through mobile and online banking (with which you can pay bills, make deposits, transfer money and view old statements among other services).
• Support through Customer Care 866.806.9306.
• Drive-thru teller access.

I want to share a story that illustrates how we can work together to address any need in these unusual times. We had a client pull up to the drive through and announce that she believed that she has the coronavirus and did not want to touch anything for fear of contamination but needed to withdraw some cash from her account before she went home. Our team knew the client and worked with her to make a withdrawal without her needing to sign anything. They asked her to pull into a parking spot and placed the cash in an envelope on the hood of her car. She retrieved the envelope, nodded her appreciation and drove away. I am so grateful for her respect for the importance of protecting our employees and clients. And I am so appreciative of the ingenuity and sensitivity of our team that used their own judgment to make the right decision within our value system. When we ask “How are you doing”, or “How can I help you”, trust that we mean it.

So we are making a big move tomorrow to take the next steps in addressing the risks while serving you. Village Bank has made the decision to transition to drive-thru banking only for the foreseeable future at our Richmond locations. Our Williamsburg branch, which does not have a drive-thru, will continue its in-branch operations but with added precautions in place for anyone entering the branch.

If there should be a transaction that requires you to make an in-branch visit, such as accessing a safe deposit box, our team will be happy to work with you to make that happen. We just ask that if you must interact directly with our bankers that you call to make an appointment, and follow the same recommended precautions of distancing and hygiene as recommended by the CDC. When you call you will be asked about the nature of your transaction and likely a couple of simple screening questions regarding your recent travels or exposure to COVID-19 positive people of which you are aware. At that point we will be happy to make an appointment within our normal operating hours and anticipate that we will have an appointment immediately available if that is what you require. If it is determined that it would be in everyone’s best interest to not have you enter a branch we are committed to working with you to make sure your transaction is handled quickly and courteously. This is also true for any customers who may be in self-quarantine and not able to go out of their home. Call your branch or our Customer Care team at 866.806.9306. We will do our best to figure something out.

So How Are You Doing? How Can We Help You?

I am amazed by the resilience and creativity of the families and business owners we work with. But we have a lot of work left to do to get through this. If you are a business owner, your commercial banker should be reaching out to you sometime soon to see how you are doing and explore how we can help. We have resources, connections and experiences that can help you chart a course through this. Just tell us what you are struggling with, and we will help you take advantage of those resources. If you are struggling with your cash flow, speak up and we can explore solutions to help mitigate the impact of this crisis on you and your business. For assistance, reach out to:

• our Customer Care team 866.806.9306
• your branch manager,
• or your commercial banker.

Thank you for your trust in us and for your understanding and flexibility as we chart our own course through the crisis.