At Valliance Bank, our number one priority is always our customers. Especially during times of crisis, we are here to support you and help determine the best courses of action for you and your business. We want you to know that there are options available for assistance. The Small Business Administration (SBA) is offering two programs for businesses with 500 employees or less in need of payroll & other assistance due to the COVID-19 pandemic. Both programs offer low-interest, federal disaster loans for working capital to small businesses.
The Economic Injury Disaster Loan (EIDL) is administered & funded by the Small Business Administration. This program is intended to help businesses maintain a secure financial condition until they are able to fully operate again. The Paycheck Protection Plan (PPP) is part of the new stimulus package approved by Congress, and is available by applying directly through Valliance Bank.
Economic Impact Payments Resources
The IRS has two new online tools:
NON TAX FILERS: If you do not have a tax filing obligation, this tool can be used to quickly register for your payment.
TAX FILERS: To help check the status of your payment, the second tool will be launching later this week. This will allow you to see the date your payment is scheduled to be deposited or mailed.
Link to online tools: https://www.irs.gov/coronavirus/economic-impact-payments
Valliance Bank is ready to accept your applications for the SBA's Paycheck Protection Plan! As always, we are here for you 24/7- 365 days a year and will be working diligently to process your applications as quickly as possible.
We have created a streamlined process to help make this process as easy as possible on all of our customers. Please contact your banker for exact procedures to follow, but if you would like to get a head start on things, the required documentation for processing the loan is as follows:
Please save each document from the selection below separately and name it as "Borrower Name- Document" i.e. Garrison Manufacturing- Application, Garrison Manufacturing- Payroll Calculation, etc.
Once you complete the application and have the necessary information, please upload files here: Valliance Bank ShareFile
Files will be securely sent to Valliance Bank's central underwriting for processing. Within 24 hours, you will receive a response that the application has been received.
We encourage you to reach out to your advisor (CPA, attorney, etc.) for assistance in filling out all the information and providing formal guidance on documents needs to support the application.
It is our ultimate goal to keep you as informed as possible. We have updated our fact sheet below based on new guidance from the Small Business Administration regarding the Paycheck Protection Plan.