Appreciation for our Associates
To Our Valued Customers,
We hope this email finds you and your family well and enjoying moments to be thankful for in this new normal.
Today, we want to recognize the dedication and commitment of our Associates and share our gratitude for their efforts with you. As many of you have experienced first-hand, this team has gone above and beyond the past few months to adapt, assist, communicate and guide you, our customers, through the recent challenges. From processing PPP loans at midnight to meeting customers by appointment only for in-person transactions, our Associates have stepped up and delivered to meet and exceed your needs and we want to acknowledge their efforts.
In observance of the Independence Day holiday and so that our Associates can enjoy a well-deserved break and time with their families, all InBank locations will be closed on Friday, July 3rd and Saturday, July 4th. We ask that you please plan ahead for any deposits or transactions prior to July 3rd. Online and mobile banking will be available 24/7 for your convenience.
In the words of Southwest Airlines founder, Herb Kelleher, “Your people come first, and if you treat them right, they’ll treat the customers right.” We agree and know that our investment in our people and culture is a true reflection of our core values and the way we treat our customers.
Please join us in a round of applause for Team InBank! We are honored to have such a talented and dedicated team of Associates who enjoy serving our customers each and every day. We continue to be grateful for the trust you have put in us and for the opportunity to continue to serve you at the highest level.
We’re In This Together,
Ed Francis, CEO, InBank
Paycheck Protection Program for Small Businesses
On June, 16, 2020, the SBA provided updated guidance and PPP Loan Forgiveness Application forms, including a new EZ version of the forgiveness application.
- PPP Loan Forgiveness Application Form 3508EZ Instructions For Borrowers
- PPP Loan Forgiveness Application Instructions For Borrowers
- PPP Loan Forgiveness Calculation Form
- PPP Loan Forgiveness Application Form 3508EZ
- SBA Press Release
On June 5, 2020, the President signed the Paycheck Protection Program (PPP) Flexibility Act into law. Below are a few of the important highlights.
PPP Flexibility Act Highlights
- Covered period extended until December 31, 2020, and gives employers 24 weeks, rather than 8 weeks (or December 31 if earlier) to spend PPP proceeds
- Payroll costs decrease from 75% to 60% with non-payroll portion of a forgivable covered loan amount raised from 25% to 40%
- Loan terms for any unforgiven portions to be repaid extended from 2 years to 5 years at 1% interest
- Loan forgiveness period extended from 6 months to within 10 months
- Period extended in which an employer may rehire or eliminate a reduction in employment, salary, or wages that would otherwise reduce the forgivable amount of a paycheck protection loan
On May 29, 2020, InBank hosted a webinar ‘Managing Your PPP Loan’ covering PPP loan forgiveness, documentation and more. The webinar included a panel of InBank experts and was moderated by Bo Anderson of SBBO.
InBank is a Member FDIC and Equal Housing Lender.