First and foremost, I hope that you and your loved ones are safe and healthy.
The COVID-19 pandemic has impacted our daily lives in ways which would have been unimaginable for most of us only a short while ago. You are probably being overwhelmed with emails and other communications regarding the virus from a variety of sources. With that in mind, I intend to keep my message today brief. I will not attempt to provide any public health advice, but
I do want to call your attention to the following:
- On Friday 3/27/20, the Coronavirus Aid, Relief, and Economic Stimulus Act (“CARES Act”) was signed into law. A key component of the CARES Act is the $349 billion Paycheck Protection Program which will be administered by the Small Business Administration (“SBA”). Under the PPP, small businesses (up to 500 employees) are entitled to apply through a bank for loans which may be forgiven in part or in full, depending on certain factors. Every small business should be evaluating this program to determine whether it works for them. You should also know that River City Bank is ready to take your application. Please contact your Relationship Manager for more details.
- With our daily routines turned upside down, these are fertile times for the cyber-criminals. Remember that they most covet money and information; our businesses have lots of both, so we need to be hyper vigilant. Amongst other things, don’t forget to double-check your internal controls around your bank accounts and other areas of finance, including payroll and payables. In addition, we recommend that you perform a daily review of your transactions. It is always better to be safe than sorry.
In closing, I want you to know that we value your business and friendship. My colleagues at RCB are working extremely hard to serve you. Do not hesitate to let us know how we can help you through this challenging period.