Assisting Customers with the CARES Act Payroll Protection Program
March 30, 2020
The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), was signed into law on Friday March 27, 2020. One of the many provisions of the CARES Act is the Paycheck Protection Program. This program will provide cash-flow assistance through 100% federally guaranteed loans to eligible employers who maintain their payroll through this emergency. Eligible employers are generally considered to be those small businesses, including nonprofits, sole proprietorships, independent contractors, and eligible self-employed individuals, with less than 500 employees.
Eligible small businesses may receive up to 2.5 times average monthly payroll costs as calculated by applicable guidelines. Payroll costs are defined to include salaries, wages, other similar compensation, vacation, sick and other qualified leaves, group heath care benefits, retirement benefits, and state or local tax assessed on employee compensation (also subject to certain limits). Loan proceeds may be used to pay payroll costs, health insurance, interest on mortgage obligations, rent, utilities, interest on other debt, and certain other allowable uses. Most importantly, these loans may be eligible for forgiveness.
PS Bank is an eligible SBA lender and can help you through this process. Final SBA guidelines are expected to be received soon, and we anticipate a tremendous amount of interest in this program. If you would like to have PS Bank help you through this process, we ask that you follow the link below and register your company name and certain other information so that we can address this as quickly as possible when the program opens. We anticipate this money will go very quickly so we will attempt to gather information beforehand that we believe may be necessary to expedite the process.
More details regarding this and other programs can be found by reviewing the U.S. Senate Committee on Small Business & Entrepreneurship’s Guide to the CARES Act.
Please feel free to reach out to your PS Bank lender or use our inquiry form so we can provide you with the most accurate and up-to-date information regarding the CARES Act Payroll Protection Program by clicking below.
Stay strong! We’re here for you!
PS Bank Open for Business
March 20, 2020
PS Bank is committed to serving customers as an essential business in the communities we serve. We are a strong and viable community bank and are prepared to help you. Our COVID-19 plan will remain in effect until further notice. All branches with drive-thru access will continue to serve customers during regular business hours and in-person appointments can be made by contacting your branch location.
Effective immediately, PS Bank is making the following assistance available to our customers:
- Increasing ATM daily cash withdrawal limits
- Easing credit terms for new loans
- Offering loan payment accommodations to existing affected borrowers to include interest only payments and/or deferred principal and interest payments to help you through these difficult times.
- Customers are encouraged to use online or mobile banking options during this extraordinary time
Our team members are available to discuss assistance options during this challenging time. Contact us at (570) 746-1011 or (866) 746-1011 or by emailing us at HereToHelp@PSBanking.com.
PS Bank understands the difficult times you are going through right now. We are committed to helping you.
PS Bank to Limit Branch Access Due to COVID-19
March 17, 2020
After careful consideration, guidance and recommendations regarding the coronavirus pandemic, PS Bank will limit access to our bank locations effective March 18th until further notice.
Branch access will be limited to drive-thru windows and by appointment only.
Our Dushore office will remain open for appointments, but we strongly encourage PS Bank customers to utilize alternative services.
- Drive-thru service at available locations will continue to operate based on regular banking hours.
- Please review our website for information on contacting your branch location.
- Please visit our Locations/Hours page for a complete list of offices, phone numbers and drive-thru hours.
Bank with PS Bank 24/7:
- PS Bank offers online banking, mobile banking, mobile deposit, online bill payment, telephone banking, online mortgage applications, night depository and more.
- Many of the transactions customers need to perform can be done online or by phone.
- ATMs are always available. Please visit our ATM Locations page for a complete list of ATM locations.
Our staff are still available to serve you when branch access is limited. During regular business hours, you can still contact your branch manager, loan officer, or our other staff who can assist you with a financial transaction.
If you are a business customer or individual that is or may be adversely financially impacted by this situation, please feel free to reach out to your local branch manager or commercial lender so we can provide assistance as necessary. We are working diligently to be able to support relief to customers who may experience financial difficulty at this time.
We apologize for any inconvenience this has caused. Thank you for your patience and understanding as we take important steps necessary to ensure the safety of our customers and employees. We are committed to working through these difficult times with you and our communities.
A Letter from Our President & CEO Regarding COVID-19 Preparedness
March 12, 2020
To our valued customers,
At PS Bank, we value the health and safety of our customers and employees. In light of recent concerns about COVID-19 (Coronavirus), we are monitoring the outbreak and are committed to following CDC recommendations to keep you safe. Our institution wants customers to be assured that all necessary precautions are being taken to reduce risks to the health and safety of our customers while sustaining continued business operations. We have assembled a team and continue to assess the situation to ensure all necessary steps are being taken.
The health and safety of our staff and customers are of utmost importance. Our staff is working diligently to do whatever is necessary to keep people safe. PS Bank has a contingency plan in place for an event of this nature. We have a great team that has already begun the process of mitigating risks to our staff and customers. Our senior leaders and management team are continuously monitoring the news so we can stay informed and prepared. This event is still developing, and we intend to adjust business practices as necessary.
As precautionary measures, all locations are currently practicing the following:
- Social Distancing – Avoid handshakes and direct physical contact with each other.
- Good Hygiene - Frequent hand washing, utilization of antibacterial hand sanitizer, use tissues and cough into elbows rather than hands.
- Keep Surfaces Clean – Use antibacterial wipes and cleaning products to clean all surfaces.
- Stay Home if Sick – Employees who are sick or have a fever are asked to stay home to avoid spreading any illness in our locations.
If you are a business customer or individual that is or may be adversely financially impacted by this situation, please feel free to reach out to your local branch manager or commercial lender so we can provide you assistance as necessary.
Business continuity is important to us and branches remain open as scheduled at this time. In an effort to reduce person-to-person contact, we ask that customers consider utilizing our services such as online and mobile banking, phone services and drive-through tellers when possible. Our staff can assist you with many of your banking needs over the phone by calling 866-746-1011, your branch manager, or emailing us at firstname.lastname@example.org.
We are here for you and our community in this time of uncertainty. Through all this we remain committed to providing you with a superior community banking experience.
President & CEO