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Builtwell Bank Updates & Articles

PPP Forgiveness Guidance
20 May, 2020
PPP Forgiveness Guidance

Many of our PPP borrowers have been asking for information regarding the U.S. Treasury's process to request forgiveness of a PPP loan. Initial guidance regarding PPP loan forgiveness was issued by the U.S. Treasury on May 15, 2020. First Volunteer is reviewing this information and we expect to have a deeper understanding of the requirements in the next several days. Much like the PPP loan application process, expect to see changes in this guidance as the PPP forgiveness application process continues to evolve.

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Tennessee Bankers Advise Patience as the Paycheck Protection Program Launches
03 April, 2020
Tennessee Bankers Advise Patience as the Paycheck Protection Program Launches

As the novel coronavirus (COVID-19) disease continues to impact communities across the country, Tennessee banks are working around the clock to assist borrowers, including through the new Coronavirus Aid, Relief, and Economic Security (CARES) Act. Despite the revised guidance for the program that is set to launch Friday, April 3, many banks still await final approval to make these loans. Tennessee bankers ask for patience from the public as the program begins.

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Exploiting the Coronavirus: Beware of Fake COVID-19 Stimulus Packages
01 April, 2020
Exploiting the Coronavirus: Beware of Fake COVID-19 Stimulus Packages

During these challenging times, please continue to be aware of suspicious calls, emails, or text messages regarding your personal information. Cybercriminals are willing to exploit every aspect of the Coronavirus crisis. The recent plan of a US Stimulus package is just one more thing they can use to their advantage. Watch out for phony emails promising information on how the stimulus package will benefit you. They could appear to be from the IRS, government officials, or your HR Department. Some of these fake emails may even offer access to the money right away. Don’t fall for it!

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Economic Impact Payments
09 April, 2020
Economic Impact Payments

This article has answers you need to know about your Economic Impact Payment from the IRS website as of April 8, 2020. For most taxpayers, payments are automatic and no further action is needed. This includes taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees.

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CARES ACT-Paycheck Protection Program
30 March, 2020
CARES ACT-Paycheck Protection Program

On Friday, March 27th, the Coronavirus Aid, Relief and Economic Security Act (CARES) was passed. This Act allocates $350 billion in emergency loans to help eligible small businesses who have been affected by the COVID-19 pandemic. Specifically, the Paycheck Protection Program (PPP) provides 100% federally guaranteed loans to eligible employers who maintain their payroll during this emergency. This program will be funded through the Small Business Administration (SBA) and administered by financial institutions. First Volunteer Bank will be participating in this program.

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