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

 


August 3, 2020

As parts of the nation continue to move toward recovery and reopen businesses, the CDC is continuing to update information and resources to help businesses and employers. As companies resume operations, the CDC provides helpful information to create COVID-19 preparedness, response and mitigation plans. Along with links to state and local health officials, the CDC also provides links to the OSHA COVID-19 guidance that provides information to help protect employees. To learn more, click here.


July 28, 2020

On Monday, July 27, Senate Republicans unveiled their stimulus proposal, valued at approximately $1 trillion. The plan is focused on helping the hardest-hit small businesses that experienced a decline in revenue of 50% or more. Other components of the proposal include liability protections for small businesses, a second round of stimulus payments to Americans and another round of Paycheck Protection Program loans to help the hardest-hit small companies. The proposal would also cut federal unemployment benefits to $200 a week from the previous benefit of $600 per week. To learn more about the proposal, click here.


July 13, 2020

As coronavirus cases continue to surge across the country, CNN has updated its frequently asked questions and responses that can be searched and filtered by topic. Topics include everything from work and life issues to transmission to treatments and prevention, among other categories. Each answer provides links to reported information and other resources. To learn more, click here.


July 6, 2020

On July 1, the U.S. Chamber of Commerce updated its’ State by State Business Reopening Guide. The U.S. Chamber will continue to update the information and resources provided that include state guidelines and timelines for employers. To learn more, click here.


June 30, 2020

Rebecca Zucker, of Harvard Business Review, presents several strategies to help business owners reopen offices while creating safe workspaces. The author addresses how to manage the concerns for high-risk employees and those who may live with someone who is high-risk.

To learn more about strategies that can help business owners safely reopen the office, click here.


June 24, 2020

As the government continues to advance efforts to reopen the economy, it is essential that businesses and individuals take appropriate action to reduce the spread of the Coronavirus. The CDC has developed guidance to help companies create, implement and evaluate cleaning and disinfecting plans. The information includes links to EPA-approved disinfectants, recommended cleaning processes for various surfaces and practices that can reduce the potential for exposure. The guidance also provides additional resources for select industries, including healthcare, community organizations, residential settings, transportation and restaurants and bars. To learn more, click here.


June 16, 2020

According to The Livingston Survey from the Federal Reserve Bank of Philadelphia, growth in the economy during the second half of 2020 is predicted to increase at an annual rate of 9.6 percent. Economists from industry, banking, academia and the government expect the economy to grow by an average annual rate of 7.2 percent during the first two quarters of 2021. To learn more about the findings in The Livingston Survey, click here.


June 12, 2020

On June 5, the Paycheck Protection Program Flexibility Act was signed into law, altering some of the rules of the program. Firms now have an option to spend the funds over 24 weeks, rather than the 8 weeks specified in the original law. Moreover, Congress reduced from 75% to 60% the minimum proportion of PPP Loan proceeds that must be spent to qualify for loan forgiveness. PPP borrowers can file for forgiveness after they have expended the funds, but have up to 10 months following their covered period to file an application for forgiveness. The law also changed from 2-years to 5-years the loan repayment term for new loans funded after enactment of the Flexibility Act. Lenders and borrowers can mutually agree to make loan modifications extending the terms of earlier PPP loans. These changes and other adjustments to the program will most likely require additional guidance and rules from the SBA. Small businesses should continue to watch for further updates, and borrowers should work directly with their PPP loan provider to learn more about the specific forgiveness process. To learn more: https://www.bizjournals.com/philadelphia/news/2020/06/08/sba-ppp-changes-6-things-about-loans-remain.html


June 1, 2020

In an article from McKinsey & Company, experts present four strategic areas business leaders need to plan for: recovering revenue, rebuilding operations, rethinking the organization and accelerating the adoption of digital technologies. Click here to read the full article.


May 27, 2020

Reopening a Business
The CDC reminds businesses and employers that it is important to work with state and local health officials as plans are made to reopen the economy. As conditions for transmission of the Coronavirus can vary between neighboring counties within a state, the CDC has prepared a 10-page guide to outline how state health departments can recommend and implement mitigation strategies. The guide provides useful information for what workplaces can do if the business has cases of COVID-19 or if the surrounding community experiences an increase in COVID-19 cases. To learn more, visit https://www.cdc.gov/coronavirus/2019-ncov/downloads/community-mitigation-strategy.pdf


May 21, 2020

Guide to Paycheck Protection Program Loan Forgiveness
The Treasury Department and Small Business Administration recently released the application form and instructions for Paycheck Protection Program (PPP) loan forgiveness.

The US Chamber has built a guide designed to help borrowers understand the process by which their loan forgiveness amount will be calculated and the overall approach of the loan forgiveness process. Read more here.


May 18, 2020

The Outlook for the Road to Economic Recovery
Customers Bank surveyed business leaders, owners and professionals to get their thoughts and concerns regarding the economic impact of COVID-19.

Explore the full infographic here.


May 4, 2020

Tips, Training and More from Google
Google has compiled useful resources to help business navigate the difficulties of this time. They’ve pulled together steps business owners can take today, free digital skills training and a summary of key COVID-19 government websites.

Access the resource guide here.


April 17, 2020

Paycheck Protection and Economic Recovery from Jay Sidhu and CNBC
Jay Sidhu, Customers Bank Executive Chairman, joined CNBC, businessman and Shark Tank investor Kevin O’Leary, and business owner Tony DiMare for a frank discussion about Paycheck Protection Program loans, small business relief and how Customers Bank is helping small businesses navigate #SBA financing options to stay afloat amid the impact of COVID-19.

Watch the full interview.


April 9, 2020

Components of Small Business Relief
SBA Team Member Michele Vervlied joined Herbein + Company for a live webinar to provide an overview of the small business relief components of the Coronavirus Aid, Relief & Economic Security (CARES) Act. Michele discussed several topics, including the Paycheck Protection Program, SBA disaster loans and SBA Express loans.

Click here to learn more and listen to the full presentation.


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

 


August 3, 2020

Forbes recently reported that two studies from different parts of the world both found that young children five years old and younger may be significant transmitters of the coronavirus pandemic. Both studies found that children in this age group with mild to moderate symptoms have ten to 100 times as much virus in the nasopharynx passage than older children and adults. To read the full article, click here.


July 28, 2020

The CDC has recently updated its information and resources for education administrators planning on reopening schools. This information is also helpful for parents as topics covered include classroom cohorting, alternating schedules, how students can safely ride buses, managing meals at school, as well as when schools should close for in-person learning and more. To read the CDC’s school recommendations and access the additional resources, click here.


July 13, 2020

The CDC recently issued guidance to help individuals living in dormitories, apartments, condominiums and other shared housing environments protect themselves from the coronavirus. These residents often share common areas that include laundry facilities, stairways and elevators, exercise rooms and more than can make it difficult to socially distance. The CDC’s recommendations include steps for protecting yourself in shared housing environments, recommendations for facilities to follow, and what steps a resident should take if they think they have COVID-19, as well as links to additional helpful information. To learn more, click here.


July 6, 2020

The Consumer Financial Protection Bureau has tips and tools available to help individuals facing financial difficulties as a result of COVID-19. Information provided about prioritizing which bills should be paid first and dealing with debt, as well as how to plan for a financially uncertain future, can help put consumers at ease during this stressful time. To learn more, click here.


June 30, 2020

As cities and towns start to reopen, individuals may have anxiety about resuming activities that are now deemed safe. The TODAY Show recently shared tips for managing emotions while staying vigilant. Read more here.


June 24, 2020

When it comes to tools that prevent the spread of Coronavirus, few items are as important as face masks. Masks help block exhaling particles that could spread the virus. This is especially true when we cough or sneeze, which could project droplets up to 26 feet away. Read more about recent research on the effectiveness of masks from NPR.


June 16, 2020

The importance of access to healthcare during the COVID-19 pandemic has changed the behavior of many consumers. New apps and telehealth solutions have been introduced to help individuals gain access to certain healthcare services from the safety and security of their homes. The U.S. Department of Health & Human Services provides helpful information for patients to understand how telehealth works and what types of care are available. To learn more, click here.


June 11, 2020

Coronavirus has changed many aspects of our daily lives, including our spending habits. While working from home, you are probably saving money on commuting, lunches and other expenses, but you may have also increased your online shopping. The business and technology editor at The Today Show recommends keeping a spending diary to help track every dollar. She provides five easy strategies to manage money while stuck at home. To learn more, click here.


June 4, 2020

The CDC has prepared a guide to help consumers recognize symptoms of stress that may be caused by drastic lifestyle changes including working from home and fear and anxiety caused by COVID-19. The organization also provides helpful tips for healthy coping strategies to manage job stress and avoid burnout. Read more and access additional resources here.


May 27, 2020

FTC Warns 50 More Companies
On Thursday, May 21, the FTC sent 50 more letters warning businesses nationwide to stop making unsupported claims that the products and therapies sold could prevent or treat Coronavirus. This is the fifth batch of warning letters the FTC has issued to help protect consumers from health-related COVID-19 scams. Read more about the companies and types of therapies, products and services they offered here: https://www.ftc.gov/news-events/press-releases/2020/05/ftc-sends-letters-warning-50-more-marketers-stop-making


May 1, 2020

Maintaining Financial Health
The Conference of State Bank Supervisors has pulled together a collection of resources designed to help Americans maintain their financial health. The comprehensive summary covers a range of topics, from information on temporary government relief programs to examples of common COVID-19-related scams and tips on how to avoid them. Read more here.


April 24, 2020

Managing Your Money Amid COVID-19
Forbes has compiled a list of helpful resources and information regarding stimulus checks, taxes, student loans, mortgages retirement funds and more. The guide was created to help consumers understand how to protect their finances. Access the guide here.


April 2, 2020

Hard as it is to believe, there are people taking advantage of the COVID-19 health crisis to commit consumer fraud. Customers Bank has outlined some of the current scams that have been flagged by the Federal Trade Commission. Stay informed and stay alert. Visit our Coronavirus Fraud Alert page to learn more.


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.

Helpful Links
https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

https://www.uschamber.com/co/small-business-coronavirus