How Investors Bank is Helping
Investors Bank is here for our customers and will continue to provide solutions to meet their financial needs and the needs of the communities we serve. On this page you’ll find information on how we’re helping with financial relief during the COVID-19 pandemic. There is also information on additional types of relief available from third parties.
SBA Paycheck Protection Program
The Small Business Administration announced that it has closed the Paycheck Protection Program portal and has stopped accepting applications for loans.
For additional information about the PPP program, please visit the SBAs PPP web site.
As a reminder, applications for a Paycheck Protection Program (PPP) loan are only available until May 31, 2021, or earlier if all of the funds in the program are depleted sooner. Based on published SBA data, as of April 18, 2021 only $44 billion, or about 15% of the Round 3 approved funding remained available. Based on that, there is a strong likelihood that this round of PPP will close before May 31st.
If you’re interested in obtaining a first or second draw PPP loan, we encourage you to apply as soon as possible. You can apply here through our referral partner, The Loan Source. Note: Please use ‘invest’ when prompted for a code during the application process.
With the passage of the PPP Extension Act of 2021 into law on March 30, the Paycheck Protection Program is now extended an additional two months to May 31, 2021. In addition, the SBA now has until June 30 to process applications that are still pending after the May 31 application deadline.
If you’re interested in obtaining a PPP loan, please click here. Please note that you will be applying for the PPP loan through our referral partner, The Loan Source.
Note: Please use ‘invest’ when prompted for a code during the application process.
On Tuesday January 19, 2021, the SBA will reopen the PPP loan portal to all lenders.
We know how important PPP funding is for businesses and we want to provide the best access and experience to apply for these loans. For this reason, Investors Bank will be referring all PPP requests to our referral partner, ACAP & The Loan Source.
The Loan Source currently services more than $4.7 Billion in PPP loans and has been an experienced SBA lender for over 25 years. They have invested heavily in technologies and personnel to provide dedicated assistance to borrowers with PPP loans. They are currently working with Investors Bank PPP borrowers on Forgiveness. The Loan Source team of professionals provide best-in-class service guiding borrowers through every step of the PPP process, from application to funding and through Forgiveness.
Did you get a PPP Loan from Investors Bank?
If you previously obtained a PPP Loan from Investors Bank, you will be receiving instructions directly from The Loan Source on how to apply for the next round of PPP. If you have started your Forgiveness Process, this information will also be available on your portal page at The Loan Source.
Are you applying for a PPP loan for the first time or did you receive your PPP loan through another financial institution?
If you’re interested in obtaining a PPP loan, please click here.
For additional information about the PPP program or to see if you qualify for a PPP loan, please visit the SBA Paycheck Protection Program website.
The SBA announced that they will re-open the PPP loan portal the week of January 11, 2021 for new borrowers and certain existing PPP borrowers. Initially, only Community Financial Institutions* will be able to make PPP Loans to first time PPP borrowers (First Draw) beginning on Monday, January 11, and previous PPP borrowers (Second Draw) on Wednesday, January 13. This is being done in an effort to better serve smaller borrowers and borrowers in underserved communities.
It is expected that the PPP will open to all participating lenders shortly. Investors Bank will be happy to assist you in meeting your PPP needs. Please check back for updates.
For additional information about the PPP program, please visit the SBA Paycheck Protection Program website.
The following are some key PPP updates under the revised program:
- PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
- PPP loans may be used for additional expense types, including certain operating expenditures, property damage costs, supplier costs, and worker protection expenditures, subject to the requirement that at least sixty percent (60%) of the funds borrowed must be used for payroll;
- The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations;
- The program is open to businesses that did not borrow under the original PPP program; and
- Certain existing PPP borrowers are now eligible to apply for a second PPP Loan (“Second Draw PPP Loan”).
A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
- Previously received a First Draw PPP Loan and has, or will, use the full amount of their original PPP loan only for permitted uses;
- Has no more than 300 employees; and
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
* Community Financial Institutions include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries.
As a result of the recent signing of a new stimulus package, additional PPP funds will be made available to business clients.
Investors will again participate in the program. At this point, there is no action required. Once SBA guidance has been issued, including a timeline and the process for applications, we will provide additional details.
For additional information about PPP rules, guidelines and applications, please visit the SBA PPP web site.
The Paycheck Protection Program closed August 8, 2020 and we are not accepting new applications for the program. As the country continues to navigate through the pandemic, businesses across America are focusing on the core of what sets them apart from the competition. With this very mindset, we have decided to sell the PPP loan portfolio to a long-standing and respected SBA Small Business Lending Company, The Loan Source Inc. (“Loan Source”).
The Loan Source and its servicing partner, ACAP SME, LLC (“ACAP”), have invested heavily in technologies and personnel to aid PPP borrowers through their forgiveness process. We at the Bank are confident that a group that has such a deep knowledge and focus regarding PPP will provide the best service for our customers.
For additional information about PPP rules, guidelines and applications for processing PPP Loan Forgiveness, please visit the SBA PPP web site.
Investors Bank helped secure in excess of $328 million in funding to help save the jobs of more than 35,000 employees of small businesses in the Metro New York and New Jersey markets impacted by the economic disruption of the COVID-19 pandemic. This funding included $39 million for applications from non-profits.
Additional Types of Relief Available from Third Parties
Additional SBA Funding Programs Available
The American Rescue Plan Act also established two additional programs targeted to help restaurants and shuttered entertainment venues that have experienced loses as result of COVID-19. These programs are managed through the SBA directly and they are now accepting applications. We have included the links to these programs below to help you determine if your business may benefit from these programs.
Direct payment to tax payers
The Federal Government has passed new legislation providing for another round of stimulus payments for individuals meeting the qualifications. You can visit our Preparing for Your Government Stimulus Payment page or the IRS’s Economic Impact Payments web page for additional information.
Expanded Unemployment Assistance
- Eligibility expanded to include self-employed, independent contractors / gig economy workers, nonprofit employees and others
- Duration extended an additional 13 weeks beyond the existing 26-week maximum
Contact your state unemployment office directly. Contact information can be found on the U.S. Department of Labor Website
Student loan assistance
All payments for federal student loans (Direct and FFELP) are deferred through September 30, 2021. Contact your student loan servicer to discuss eligibility and options.
Retirement savings access assistance
The federal government is waving penalties and making other accommodations for those who need to access retirement savings early. To learn more about your options and how we might help, please schedule an appointment .
Economic Injury Disaster Loans
Like PPP loans, EIDL loans are loans sponsored by the SBA to support small businesses facing economic injury due to COVID-19. For more information, please click here.