Honor Bank is committed to caring for the well-being of our customers, employees, and communities, and to our role in supporting health and government agencies in slowing the spread of COVID-19. Read about the latest actions we are taking and find resources for managing your accounts.
SPECIAL COVID HEALTHY BANKING PRECAUTIONS
We're committed to providing a healthy banking experience for our customers and team members at Honor Bank. Our branches are currently open by appointment only. Drive-up, curbside, and banking by appointment are all available. Mobile and Online Banking for personal or business banking are safe, secure, and convenient options as well.
Our Honor Bank loan officers are ready to discuss existing loans and new loan requests via telephone, email, and by appointment.
For cash needs outside of regular business hours, our ATMs are available. Our ATMs are also equipped to take deposits, either checks or cash, 24/7.
ECONOMIC IMPACT PAYMENTS - DEC 2020
The IRS has begun issuing the second round of Economic Impact Payments (EIP). Using the Get My Payment Tool consumers can see the date their payment is scheduled to be deposited in their bank account or mailed to them and provide their bank account information to receive direct deposit if it is not currently on file with the IRS. Learn more about the EIP at IRS.gov.
Expecting a stimulus check to come? Easily set up an alert for your electronic stimulus fund deposit from the Federal Government:
Log in to Online Banking > Options > Alerts > Set up an email alert when your account is credited. You will then receive an email letting you know when a direct deposit is made to your account.
If you have direct deposit set up with the IRS and you qualify for relief funds, your deposit could be available as early as Monday, January 4. According to the US Treasury Department, physical checks will be printed and mailed beginning December 30, 2020 in waves. Prepaid cards will begin to be mailed out next week.
If your IRS refund was linked to your Honor Bank account, you may verify that your EIP was deposited in several ways:
- Mobile App
- Online Banking
- Phone Banking
- Personal eBanking
If the direct deposit is entering a closed account, the Treasury Department has confirmed it will then issue a paper check to the recipient.
If you are expecting a paper check you may deposit it into your Honor Bank account in several ways:
- ATMs or local branch drive-ups
- Mobile Deposit
The Treasury Department has confirmed that it will not return any checks deposited or cashed before January 6.
ppp "sECOND DRAW" PROGRAM FOR SMALL BUSINESS
On Monday, Dec. 21, Congress passed H.R. 133 which includes money for a PPP “Second Draw” Program. It essentially creates an opportunity for U.S. small businesses to apply for a second PPP forgivable loan. The SBA re-opened the Paycheck Protection Program (PPP) on January 11 for new borrowers and certain existing PPP borrowers. Per the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act, this round of the PPP Americans employed by small businesses or as independent workers by authorizing up to $284 billion toward job retention and certain operating expenses by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan. Application deadline is May 31, 2021. The PPP Second Draw business relief application via the Small Business Administration is live and we're here to help you through the process. The new initiative by the Federal Government creates an opportunity for qualified U.S. small businesses to apply for a second PPP forgivable loan.
Second Draw Loan Application
- Borrower Application Form
- NAICS Code Lookup by Industry
- Reduction Calculation Worksheet
- SBA Revenue Reduction FAQs
- Employ not more than 300 employees;
- Have used or will use the full amount of their first PPP; and
Can show a drop of at least 25% in annual gross receipts or for any quarter of 2020, compared with the same quarter in 2019, or 25% annually for 2019 over 2020
- Borrowers may receive a loan amount of up to 2.5X the average monthly payroll costs in the one year prior to the loan or the calendar year.
- Entities in industries assigned to NAICS code 72 (Accommodation and Food Services) may receive loans of up to 3.5X average monthly payroll costs.
- No loan can be greater than $2 million.
- Borrowers of a PPP second draw loan would be eligible for loan forgiveness equal to the sum of their payroll costs, as well as covered mortgage, rent, and utility payments, covered operations expenditures, covered property damage costs, covered supplier costs, and covered worker protection expenditures incurred during the covered period. The 60/40 cost allocation between payroll and non-payroll costs in order to receive full forgiveness will continue to apply.
In addition to establishing a PPP Second Draw Program, the bill would:
- Further simplify the loan forgiveness application on existing PPP loans under $150,000;
- Repeals section 1110(e)(6) of the CARES Act, which requires PPP borrowers to deduct the amount of their EIDL advance from their PPP forgiveness amount;
- Extends the principal and interest payment subsidy on existing 7(a) loans for 3-months for all and up to 8-months for many;
- Temporarily increases the SBA guaranty to 90% on Standard 7(a) loans;
- Temporarily increases the SBA Express loan limit to $1,000,000;
- Temporarily increases the SBA Express guaranty to 75% on loans up to $350,000; and
- Temporarily waives the borrower and lender fees for the 7(a) and 504 programs
FIRST DRAW FORGIVENESS UPDATES
As of January 20, the Small Business Administration has released a simplified PPP loan forgiveness form for borrowers of $150,000 or less: PPP LOAN FORGIVENESS FORM FOR $150,000 OR LESS.
The borrower only needs to submit this form and DOES NOT need to submit supporting documents to Honor Bank. Please retain your records, however, in accordance with the SBA application instructions:
Following submission of this forgiveness application, the Borrower must retain all records necessary to prove compliance with Paycheck Protection Program Rules for four years for employment records and for three years for all other records. SBA may request additional information for the purposes of evaluating the Borrower’s eligibility for the PPP loan and for loan forgiveness, and the Borrower’s failure to provide information requested by SBA may result in a determination that the Borrower was ineligible for the PPP loan or in a denial of the Borrower’s loan forgiveness application.
Our general policy is to allow you to withdraw funds deposited in your account on the first business day after the day we receive your deposit. Funds from electronic deposits will be available on the day we receive the deposit. In some cases, we may delay your ability to withdraw funds beyond the first business day. Then the funds will generally be available by the second business day after the day of deposit.
During situations such as this, remain vigilant as fraud can increase. Check your accounts frequently and be aware of attempts to collect and compromise your personal and financial information via phone, email, and/or text. Remember that Honor Bank will never call to ask for your one-time password, or any other confidential information. Remain vigilant and contact an Honor banker if you suspect fraudulent activity on your account.
WAYS TO BANK WITH US
Use this chart to determine the best way to tackle your banking needs during this time.