Zions, one of our local banks, offered this message to their customers today. The reassurance includes information on Small Business Loans, the new CARES Act, and more.
ZIONS BANK IS HERE FOR YOU
As our communities experience unprecedented economic challenges related to the outbreak of the coronavirus (COVID-19), we want you to know Zions Bank is here for you, your families, your business or nonprofit and your employees. We are here for you.
We know many businesses, nonprofits and consumers are seeing adverse impacts from their customers’ changing behaviors and short-term spending as a result of the virus. We have been reaching out to clients to help assess their needs. If you are concerned about your financial condition, we encourage you to contact your relationship manager or local branch to discuss your unique needs. We stand ready to explore alternative payment options, when conditions permit.
SBA disaster relief is available.
The U.S. Small Business Administration (SBA) offers federal disaster loans* for businesses and private nonprofits that have been severely impacted by the coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Pre-existing disaster loans still in repayment will have their payments deferred automatically through the end of 2020. The SBA accepts applications for Economic Injury Disaster Loans directly, rather than through the usual Zions Bank SBA loan approval process. Click here to learn more about SBA Economic Injury Disaster Loans: www.sba.gov/funding-programs/disaster-assistance
The SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response. Late last night, the U.S. Senate unanimously passed a massive $2.2 trillion coronavirus spending bill aimed at alleviating the economic impact of the outbreak. The bill now moves to the U.S. House of Representatives for approval, and then to the president to be signed into law. We are monitoring these developments closely and will brief you on the provisions of the stimulus package and how they may benefit you as soon as the bill has been finalized.
Your money is safe.
Our bank is in a strong financial position. Our company is well-capitalized, with strong reserves to absorb loan losses that may result from the economic impacts of the coronavirus outbreak. To provide additional comfort, your deposit funds at Zions Bank remain accessible and insured by the FDIC. Today the FDIC insures up to $250,000 per depositor of the funds in a Zions Bank deposit account. Click here for frequently asked questions about FDIC deposit insurance: www.zionsbank.com/LandingPages/specialtypage/FDICinsurancefrequentlyaskedquestions/
Be vigilant about fraud and scams.
Scammers may attempt to use your concerns related to COVID-19 to get personal information from you or to gain access to your accounts. Beware of fraudulent websites, phone calls, emails, and text messages. Only provide information such as your Social Security number, bank account number, or credit card number if you initiate a phone call to Zions Bank. Our bank will never ask you for your personal information or log-in credentials in an email or text message.
We are supporting our colleagues.
We recognize bankers are essential workers in this economy. We are supporting the health and safety of all our employees. Colleagues who take sick leave for themselves or family members and those with reduced hours as a result of temporarily closed branches or changes in drive-up hours will continue to be paid for their originally scheduled hours. Many Zions Bank employees have the technology to work remotely to continue to serve clients and manage the bank’s operations while helping slow the spread of coronavirus.
These are extraordinary times, and I have confidence through it all that Zions Bank will continue delivering you extraordinary service and support.
For help weathering this economic storm, Zions Bank is for you.
Sincerely, Scott Anderson President and CEO