Coronavirus Response
Resources, Updates & Links

As we continue to monitor the health crisis and economic changes, please use this page as a resource for the latest information. We’re committed to keeping you informed on what we’re doing, how you can continue to bank and providing you resources for additional assistance..

Business Updates & Resources

 


March 27, 2020

Is your business eligible for federal stimulus funding?
With the news of the imminent passage of the Coronavirus Aid, Relief & Economic Security (CARES) Act – H.R. 748, the third disaster package taken up by Congress in response to COVID-19, Customers Bank stands ready to assist our business clients.

Please visit this page to learn more about the bill and how we can help.


March 25, 2020

The Federal Reserve Bank has told its member banks including Customers Bank, that it will take major steps to support the economic recovery coming out of the coronavirus pandemic. Among those actions will be “the establishment of a “Main Street Business Lending Program” to support lending to eligible small-and-medium sized businesses, complementing efforts by the SBA.” We will provide details when they become available. Meanwhile, if you care to read the FRB’s full release, it can be found here.


A CEO Plan for Coronavirus: Actions to Take Now
The Covid-19 outbreak is unlike any previous crisis: traditional crisis-response approaches will not be sufficient. CEOs need to act now, and act aggressively. Here is a thought-provoking article from Bain & Company with some helpful ideas. Take a look at the CEO Checklist: Six Urgent Priorities.


Senate-Passed Federal Stimulus Package – Business

Our summary from published sources:

  • $500 billion for a major corporate liquidity program through the Federal Reserve with oversight by a new Inspector General.
  • $50 billion for a new “employee retention tax credit” for businesses that keep workers on payroll during the crisis covering, according to Bloomberg Tax and others, “50% of workers’ paychecks, and up to $10,000 of the credit would be refundable to the employer.”
  • The Chicago Tribune and others report, “Companies would also be able to defer payment of the 6.2% Social Security payroll tax.”
  • The US Senate bill bans stock buybacks for any corporation that accepts government loans during the term of their assistance plus one year.
  • $367 billion for a small business loan program
  • Authorization of significant loans to the airlines and Boeing because of hit to travel including “$25 billion in direct financial aid to struggling airlines” according to The Hill.

Senate-Passed Federal Stimulus Package – State & Local Government, Schools

Our summary from published sources:

  • $150 billion for state and local governments (no details yet)
  • $100 billion for hospitals
  • $30 billion in emergency education funding,
  • $25 billion in emergency transit funding

March 24, 2020

The Pennsylvania Industrial Development Authority (PIDA) approved funding today to provide $61 million in low-interest loans to Pennsylvania small businesses impacted by the COVID-19 public health emergency. Loans of up to $100,000 will be available through the Pennsylvania Commonwealth Financing Authority (CFA) for small businesses with 100 or fewer full-time employees to use as working capital.

In addition to a low interest rate, there will be no application fees, and the terms will include no payments and no interest during the first year of the loan. Funding for the program was made possible by the CFA’s transfer of $40 million in funding to PIDA. That money will be combined with existing funds in PIDA’s Small Business First Program to provide low-interest loans to small businesses. The turnaround time for loan approval after application will be a matter of days. Details still developing.

Consumer Updates & Resources

 


March 25, 2020

Senate-Passed Federal Stimulus Package – Consumers

Our summary from published sources:

  • CNN reports “Under the plan as it was being negotiated, individuals who earn $75,000 in adjusted gross income or less would get direct payments of $1,200 each, with married couples earning up to $150,000 receiving $2,400 — and an additional $500 per each child. The payment would scale down by income, phasing out entirely at $99,000 for singles and $198,000 for couples without children.” No detail available yet on when the payments will be made.