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04/06/2020 Paycheck Protection Program Update

04/06/20: Thank you for your interest in submitting an application for a Paycheck Protection Program (PPP) loan.  We have been working diligently to process all the applications received since Friday.  We have successfully secured over 200 applications for close to $70 million dollars from the SBA.  We are nearing our total funding capacity, so any applications received after 8:00AM today, April 6th, are on hold.

Please continue to gather all of the required documentation listed on our checklist and complete your application form (both documents are linked below in the update from 04/03/20).  We will announce when we are able to accept new applications.

We know that this is important for continued operation of your business during the pandemic crisis.  Please know that we are actively researching additional resources so we can fund additional loan requests.

Stay tuned to our emails and updates on this page for important information in the future. 

 

04/03/20: As we have previously shared with you, the U.S. Congress passed the CARES Act (Coronavirus Aid, Relief and Economic Security Act) stimulus package to provide relief to individuals and businesses during the coronavirus crisis.  Included in this is an expanded SBA 7(a) loan program, referred to as the Paycheck Protection Program (PPP).  We encourage our small business borrowers who are impacted by COVID-19 to consider applying for a loan under this new program.  Benefits include:

  • Cash to cover select business expenses, such as employee salaries and payroll support, rent or mortgage interest, utilities, and group health premiums
  • 6 months of deferred loan payments
  • Loan forgiveness, provided loan proceeds are used as specified in the application

Key Points:

  • Length of a PPP Loan is 2 Years
  • Interest Rate is 1.0%
  • Maximum dollar amount of a PPP Loan is 2.5x your average monthly payments for payroll costs
  • Last day to apply for a PPP Loan is June 30, 2020 - but note that there is a limited amount of funds for PPP loans.  We encourage you to take appropriate time to complete the application correctly, but as expeditiously as possible

If you have already submitted your application form and checklist documentation, we are proceeding to process your application already.  Please refer to the links below to learn more about the loan and complete your application.  Note that not all documents listed on the PPP Checklist may apply to you.

Application form

PPP Checklist

PPP Fact Sheet

SBA Final Rule

 

Thank you for your business!  We know this is a stressful time for everyone, but we are confident that we all will get through this by working together.

 

04/01/20: The SBA has made the Borrower Paycheck Protection Program Application available, which you can access from the links above.  The PPP is the SBA guaranteed program established to provide funding to small businesses so that you can sustain your business and keep your workers employed. 

The PPP will help with payroll and other business operating expenses, without collateral requirements, personal guarantees, or SBA fees.  Please review the PPP Fact Sheet for additional details.

Application acceptance begins on Friday, April 3rd, and you can submit everything to your Security Bank Loan Officer by email.  Keep an eye on this updates page for the latest information.

 

03/30/20: SBA Emergency Loan Eligibility Checklist

The U.S. Congress has just passed the CARES Act (Coronavirus Aid, Relief and Economic Security Act) stimulus package to provide relief to individuals and businesses during the coronavirus crisis.  Included in this act are a number of SBA lending programs that we believe will be helpful to our customers.

The CARES bill is a framework which will be administered by the SBA.  The link at the top of this update section contains a guide and checklist that will assist you in gathering necessary information and understanding your eligibility.

Thank you for your business!  We know this is a stressful time for everyone, but we are confident that we all will get through this by working together.

 

03/19/2020: Our Lobby is closed until further notice.  Our Drive Through remains open from 7:30AM to 6PM Monday through Friday and 9AM to Noon on Saturdays.

Meetings By Appointment - If you require in-branch assistance to do your banking, our lobby services will be accessible by appointment only.  Please call us at 918-664-6100 to schedule an appointment. 

In addition to our Drive Through service, we have the following options to help facilitate your banking needs:

  • Online Banking
  • Mobile Banking
  • 24 Hour Telephone Banking - 918-628-0101
  • ATM (at our branch or any TransFund location)
  • Night Drop (located next to our ATM on the West side of the bank)

If you have any questions or need additional assistance, please call 918-664-6100 or email [email protected]

 

Our first and foremost concern is the safety of our customers and employees and their financial wellbeing.   We want you to be confident that the management of Security Bank takes the risk of the Coronavirus seriously.   Our Executive Management and Business Continuity Team are active in staying prepared for what the weeks and months ahead might bring. 

We remain confident in our ability to deliver our services uninterrupted.  We have activated our pandemic plan, to ensure our operations continue to run smoothly.    Under our plan, we may need to meet via phone or handle transactions by secure email.  Our preference is always to meet with you in person; however, we feel it is the right decision to reduce the possible spread of the virus.

At this time, our lobby is closed until further notice.  If you require lobby access for your banking needs, please call 918-664-6100 to make an appointment.  Before making an appointment, please keep the following in mind:

  • If you are sick, we kindly ask that you conduct business remotely to limit exposure to our employees and other customers.
  • If you have a need or hardship which limits your ability to interact with us, please call or email us.   We will work to accommodate your individual needs.

How we are responding to the COVID-19 Pandemic:

  • We have been preparing for this for years by establishing a pandemic team.  Our employees have instruction on health safety, including preventing the spread of illnesses.  We have access to necessary supplies.   We are actively monitoring the information from the CDC and OSDH concerning the developing outbreak.
  • We practice social distancing whenever possible.
  • We have enhanced deep cleaning and sanitization of our facilities.
  • We have instructed employees with a fever and/or symptoms to stay home.
  • We have procedures in place that allow you to sign most documents electronically.

This is a fluid situation and we will keep you advised as the exact nature and impact on our bank becomes more clear.

Our hope is that you, and those close to you, remain well.

 

GENERAL RESOURCES:

CDC

Oklahoma State Health Department

The OSHD has established a call center to answer COVID-19 related questions: 877-215-8336. The call center has the capability to connect callers to Spanish-speaking interpreters.

Tulsa County Health Department

FEMA

US Department of Homeland Security

 

BUSINESS RESOURCES:

Small Business Administration Disaster Assistance

World Health Organization

H.R.6201 - Families First Coronavirus Response Act

Broken Arrow Chamber of Commerce

US Chamber of Commerce

 

WORKFORCE RESOURCES:

Oklahoma Employment Security Commission information on Unemployment Claims

US Department of Labor

 

DISCLAIMER: Resources are provided as information only and should not be construed as medical or legal advice.