Plains Commerce Cares (REOPENING VERSION)

• Payroll costs including benefits
• Interest on mortgage obligations, incurred before February 15, 2020
• Rent, under lease agreements in force before February 15, 2020
• Utilities, for which service began before February 15, 2020

• Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles. This is only available for those companies that pay employees at least biweekly.
• Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after borrowers received their PPP loan.
• Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness.
• Statutory exemptions from loan forgiveness reduction based on rehiring by June 30. This will be important for those businesses that let go of employees in March through April.
• The new exemption for borrowers whose good-faith, written offers to rehire workers were declined.

• Establishes a minimum maturity of five years for new PPP loans made after the date of enactment (as opposed to the current two-year maturity date)
  • The borrower and the bank can agree to extend the maturity date to a minimum of 5 years for existing loans
• Extends from eight to 24 weeks the amount of time borrowers have to spend PPP funds while remaining eligible for forgiveness
  • Borrowers are free to still use the 8-week covered period and are not required to change it to 24-weeks
• Lowers the amount that must be spent on payroll costs from 75 percent to 60 percent, though there is no forgiveness if payroll is less than 60 percent
• Extends to Dec. 31 the period in which employers may rehire or eliminate a reduction in employment, salary, or wages that would otherwise reduce the forgivable loan amount
  • PPPFA also adds two new exceptions to the existing rehiring exceptions provided by the SBA:
    • If borrowers cannot find qualified employees for unfilled positions
    • If the borrower cannot restore its operations to comparable levels of business activity due to social distancing, sanitation requirements or customer safety needs established by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration during the period beginning on March 1, 2020, and ending December 31, 2020
• Replaces the six-month deferral of payments due under PPP loans with deferral until the date on which the amount of loan forgiveness is remitted to the lender
• Eliminates a provision that makes PPP loan recipients who have such indebtedness forgiven ineligible to defer payroll tax payments

• Read the application to understand if the current plan for the business makes sense.
• Start gathering supporting documents necessary to be provided with forgiveness application which are outlined on page 10 of the application
• If your business has employees you can calculate your average number of FTE’s over the February 15, 2019 through June 30, 2019 or January 1, 2020 through February 29, 2020. Average FTE calculation is outlined on page 7 of the forgiveness application.

• View account balances and activity
• Transfer funds between accounts
• Pay bills
• Deposit checks

• 24/7 access to accounts
• Email/text alerts about account activity
• Check your balances and transactions
• Transfer funds to and from your account
• Set up automatic transfers
• Make loan payments
• Check your statement
• Pay your bills
• And more...

If you’re not feeling well, bank with us online or through the mobile app. You may also contact your local banker for personalized service.

Our staff has mapped out arrows and Xs on the floors as guidelines on where to stand or where to be seated. Please follow these guidelines to ensure that you’re at least 6 feet apart.

Our staff sanitizes their hands and workplaces after each customer contact. We ask that you also wash your hands prior to conducting business. Ask for hand sanitizer, if needed.

Please limit contact by not shaking hands, handling the same pen, paper, or other objects without first sanitizing. Your health and safety are our top priorities!

About this scam: Scammers send you a message make a social media post claiming you qualify for a COVID-19 government grant and just need to click a link to fill out the "necessary" personal information. In the process, your identifying information is stolen.

What to do: No matter what the message, don’t click! In addition to taking your money, these sites can also download malware to your device and use your information for identity theft.

About this scam: Scammers are offering to sell fake cures, vaccines, and advice on unproven treatments for COVID-19.

About this scam: Scammers are creating fake shops, websites, social media accounts, and email addresses claiming to sell medical supplies currently in high demand, such as surgical masks. When consumers attempt to purchase supplies through these channels, fraudsters pocket the money and never provide the promised supplies.

What to do: Check out the seller by searching online for the person or company’s name, phone number and email address, plus words like “review,” “complaint” or “scam.” If everything checks out, pay by credit card and keep a record of your transaction. If you’re concerned about the pricing of products in your area, contact your state consumer protection officials.

About this scam: Scammers are also contacting people by phone and email, pretending to be doctors and hospitals that have treated a friend or relative for COVID-19, and demanding payment for that treatment.

About this scam: Scammers are soliciting donations for individuals, groups, and areas affected by COVID-19. Some scammers use names that sound a lot like the names of real charities. This is one reason it pays to do some research before giving. Money lost to bogus charities means less donations to help those in need.

What to do: You can use these organizations to help research legitimate charities before giving.

About this scam: Scammers posing as national and global health authorities, including the World Health Organization (WHO) and the Centers for Disease Control and Prevention (CDC), are sending phishing emails designed to trick recipients into downloading malware or providing personal identifying and financial information. If you click on a link, they can install ransomware or other programs that can lock you out of your data. Scammers often use familiar company names or pretend to be someone you know.

What to do: Protect your computer by keeping your software up to date and by using security software, your cell phone by setting software to update automatically, your accounts by using multi-factor authentication, and your data by backing it up.

About this scam: Scammers are also creating and manipulating mobile apps designed to track the spread of COVID-19 to insert malware that will compromise users’ devices and personal information.

About this scam: Scammers are using illegal robocalls to pitch everything from scam Coronavirus treatments to work-at-home schemes.

What to do: Hang up. Don’t press any numbers. The recording might say that pressing a number will let you speak to a live operator or remove you from their call list, but it might lead to more robocalls, instead.

About this scam: Scammers are offering online promotions on various platforms, including social media, claiming that the products or services of publicly traded companies can prevent, detect, or cure COVID-19, and that the stock of these companies will dramatically increase in value as a result. These promotions are often styled as "research reports," make predictions of a specific "target price," and relate to microcap stocks, or low-priced stocks issued by the smallest of companies with limited publicly available information.

About this scam: Individuals and businesses may sell essential goods, like hand sanitizer, for significantly higher prices than in a non-emergency setting. It is legally considered price gouging when the price of one of these products increases more than 20 percent its price one week prior to an emergency declaration from the Commonwealth of Virginia.

What to do: Anti-price gouging statutes are in effect because of statewide states of emergency. If you see price gouging, you should report it to Attorney General Herring’s Consumer Protection Section. You can do that by calling (800) 552-9963, emailing consumer@oag.state.va.us, or going through the online Price Gouging Complaint Form.

Read more about Price Gouging.

About this scam: Scammers, and sometimes well-meaning people, share information that hasn’t been verified.

What to do: Before you pass on any messages, and certainly before you pay someone or share your personal information, do some fact checking by contacting trusted sources. See what the U.S. Government is doing about Coronavirus. There you’ll find links to federal, state and local government agencies.