Coronavirus, PPP Loan, and Stimulus Check Updates

Dear Valued Customers and Friends:

Beginning on Tuesday, January 19, 2021, due to the rising number of active cases of COVID-19 in our communities, all Jeff Bank office transactions will be limited to Drive-Up stations.  Lobby services, including safe deposit box access, account opening and loan closings will be conducted by appointment only.  Please remember that all digital services remain available for your banking needs including: ATM, Mobile Banking, Online Banking, Telephone Banking, Online/Mobile bill payment and electronic account opening for certain types of consumer deposit accounts.  All offices will continue to operate with normal business hours and all offices have ATMs and Drive-Up stations.  Should you find the need for a lobby service, please contact the respective branch office by phone to set up an appointment or the main office at (845) 482-4000.

This precautionary measure is being taken for the safety and well-being of our customers and our employees.  We continue to monitor the COVID-19 health crisis daily and are following the guidance of the New York State Department of Health and Centers for Disease Control.

Please don’t hesitate to contact Jeff Bank during this difficult time to discuss any need.  Thank you for your continued trust and confidence in Jeff Bank.

Jeff Bank would like to take a moment to thank our customers for their continued trust and support. In light of the uncertainty surrounding the COVID-19 pandemic and the effects it’s having on our customers; Jeff Bank wants you to know that we are here to offer assistance to consumers and businesses directly impacted by this health crisis.

If you are experiencing and can demonstrate a financial hardship as a result of COVID-19, Jeff Bank is offering the following financial relief:

• Refunding of ATM fees
• Refunding of Overdraft fees
• Refunding Check Loan advance fees / Linked Account transfer fees
• Refunding Cash Back checking account monthly service charges
• Waiving Certificate of Deposit early withdrawal penalties
• 90-day residential mortgage forbearance

Please complete our Financial Hardship Questionnaire or contact us at 845-482-4000 to speak with a customer representative regarding the above-mentioned deposit account fees or one of our experienced lenders to discuss available mortgage forbearance options.

To continue limiting the spread of COVID-19, all branch offices continue to operate through our Drive-Up stations with normal business hours. Please remember that Jeff Bank offers many digital options for your banking needs: ATM, Mobile Banking, Online Banking, Telephone Banking, Online Mobile Bill Payment, and electronic opening for certain types of consumer deposit accounts.

Dear Valued Customers and Friends:

Beginning on Friday, March 20, 2020, all Jeff Bank office transactions will be limited to Drive-Up stations.  Lobby services, including safe deposit box access, account opening, and loan closings will be conducted by appointment only.  Please remember that all digital services remain available for your banking needs including: ATM, Mobile Banking, Online Banking, Telephone Banking, Online/Mobile bill payment and electronic account opening for certain types of consumer deposit accounts.  All offices will continue to operate with normal business hours and all offices have ATMs and Drive-Up stations.  Should you find the need for a lobby service, please contact the respective branch office by phone to set up an appointment or the main office at (845) 482-4000.

This precautionary measure is being taken for the safety and well-being of our customers and our employees.  We continue to monitor this situation daily and are following the guidance of the New York State Department of Health and Centers for Disease Control.

Jeff Bank is a well-capitalized, safe and sound financial institution that has prided itself on supporting the communities it serves since 1913.  We have weathered, together, many financial and health crises in the past.  We will remain open for business during this historic health crisis and have a comprehensive plan in place to do so.  Please don’t hesitate to contact Jeff Bank during this difficult time to discuss any need.  Thank you for your continued trust and confidence in Jeff Bank.

With the number of active Coronavirus cases continuing to rise, we want to help keep our customers calm in knowing that their money is safe here at Jeff Bank. The Federal Deposit Insurance Corporation (FDIC) released a Frequently Asked Questions (FAQs) document pertaining to customers who are being affected by the Coronavirus Disease in an effort to help ease customers’ minds on the safety of their money.

To view these FAQs, please click here.

If you have any other questions or concerns, please contact your local branch.

To our valued customers:

With a concentration of critical support departments located in the Liberty Office, and out of an abundance of caution, beginning on March 18, 2020, the Liberty Office located at 19 Church Street will move to drive-thru only for transactions.  Should any customer require a lobby service where they would need to sit with an employee, they may choose to visit one of our neighboring branches located in Loch Sheldrake – 1278 State Route 52, Livingston Manor – 33 Main Street, Jeffersonville – 4864 State Route 52, Monticello – 18 Anawana Lake Road or Monticello – 19 Forestburgh Road.  Please remember that all digital services are also available for your banking needs including: ATM, Mobile Banking, Online Banking, Telephone Banking and Online/Mobile bill payment.

Additionally, effective March 21, 2020, and all Saturdays until further notice, all branch locations will move to drive-thru only for transactions.  Lobby service will be closed but all ATMs and drive-thrus will be open.  Other than the Liberty Branch, all other offices will remain open Monday – Friday from 8:30 am – 5:00 pm for lobby services.

We apologize for any inconvenience this may cause and appreciate your patience during this time.

To our valued customers that have been impacted by COVID-19:

Jeff Bank is here to support our community and we understand that many businesses may be impacted by COVID-19.  To that end, if you are a business loan customer experiencing financial hardship as a direct result of COVID-19, please contact your local lender or branch office manager to discuss the hardship programs that Jeff Bank is offering.  We hope that these initiatives will assist businesses during this potential time of need.  As always we appreciate the confidence and trust you place in Jeff Bank.

With continued news of the spread of the COVID-19 Coronavirus in New York State, please be assured that the safety of our employees and customers remains our top priority.  We continue to closely monitor the latest developments and are following the guidance from the New York State Department of Health (NYSDOH), US Centers for Disease Control and Prevention (CDC) and the World Health Organization (WHO).  Extensive information regarding COVID-19 is available on each of their websites as well as from our local health departments.

In response to the current situation, and as an abundance of caution, we have assembled a cross-department team to monitor the COVID-19 public health emergency.  We have a plan in place should the severity of the situation continue to rise.  For the safety of our staff and customers, we have implemented enhanced cleaning of our offices and educated our staff on the importance of practicing safe and healthy hygiene.  If you visit one of our offices, please understand that during this time, our employees may refrain from shaking your hand while we practice safe hygiene.  Each office is also appropriately stocked with hand sanitizers, tissues, and disinfectants.

If you find it easier to conduct banking at home, your place of business, or without the need to enter our office, please remember that Jeff Bank has many convenient options available to complete your banking needs including:

24/7 Online Banking
24/7 Mobile Banking
24/7 Online Bill Payment
24/7 Telephone Banking
13 ATMs with Deposit Capabilities (24/7)
Drive-Up Transaction access at all locations during normal banking hours

If you have any questions on our products or services, please don’t hesitate to contact us at (845) 482-4000 or via e-mail at information@jeffbank.com.  Extensive information on all of our products and services are also available on our website, www.jeffbank.com.  As always, we appreciate your business and confidence in Jeff Bank.

Jeff Bank and Pursuit preparing to assist customers for Round 2 of Paycheck Protection Program

Congressional leaders have announced a new stimulus deal that is expected to obtain final approval within days. A second round of the Paycheck Protection Program (PPP) is included in the package, and Jeff Bank will continue its successful cooperation with Pursuit Lending to receive and process online applications for eligible Jeff Bank customers.

A dedicated website and access code will be made available once the program is operating.

Please check this page for details on the effective start date for PPP Round 2 and details on eligibility criteria. We will post updates as soon as they are finalized and become available.

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The new stimulus package also includes additional funding for the Economic Injury Disaster Loan (EIDL) program. This program is directly administered through the Small Business Administration, and eligible applicants need to apply online via the SBA website (www.sba.gov)

Information on the direct economic relief checks and enhanced federal unemployment insurance payments can be obtained directly from the US Treasury at www.treasury.gov.

Paycheck Protection Program (PPP) forgiveness application process
Beginning in December 2020, Jeff Bank’s partner in the processing of all PPP loans, Pursuit Lending, will begin a staggered process to invite borrowers to submit their applications for forgiveness of all or part of their PPP loans. It begins with loans that were funded in April 2020, each month another group of borrowers will be invited to submit applications.

Pursuit Lending has assembled comprehensive information on the PPP forgiveness process on a dedicated website: PPP Loan Forgiveness Guide | COVID-19 Relief | Pursuit (pursuitlending.com).

That page is always updated with the latest information and contains a link to Pursuit’s Loan Forgiveness Application Guide for step-by-step instructions on how to prepare for and submit a PPP loan forgiveness application.

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The PPP program remains closed for new loan applications. Congress is deliberating further pandemic relief measures which may include another round of PPP loan funding. We will update this page as soon as new information becomes available.

Paycheck Protection Program (PPP): now closed for new applications
The current round of the Paycheck Protection Program (PPP) expires on August 8, 2020, and Jeff Bank’s partner for this loan program, Pursuit Lending, no longer accepts new applications.

The program may become available again, if US Congress and the President sign another COVID-19 pandemic relief package into law. Please return to this website regularly to check for updates.

PPP loan forgiveness process: Please continue to stay tuned!
PPP loans contain the possibility to have all or part of the loan amount forgiven, if the loan funds are used for forgivable expenses and within a ‘covered’ period. Detailed information is available at https://pursuitlending.com/resources/ppp-forgiveness/, including an extensive catalogue of Questions & Answers.

Various arms and agencies of the US Government continue to work on regulations and processes for the forgiveness process, including a potentially much simplified forgiveness application for smaller PPP loans. The SBA has signaled general readiness to process forgiveness applications starting August 10, however, Pursuit lending will only begin accepting forgiveness applications from individual borrowers once all the details of the process are finalized. Please continue to collect your documentation on how you spent PPP loan funds.

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For a comprehensive overview of COVID-19 related Small Business guidance and loan resources, please visit the Small Business Administration (SBA) website: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources.

Paycheck Protection Program (PPP): Deadline for application extended!
As part of its ongoing efforts to alleviate the economic impact of the continued COVID-19 pandemic, US Congress recently extended the application deadline for PPP loan applications. The program was originally scheduled to expire on June 30.

Jeff Bank continues to partner with Pursuit Lending (www.pursuitlending.com) to facilitate these loans to its customers, and Pursuit is now accepting applications until July 31, 2020.

Applicants should go directly to https://pursuitlending.com/sba-ppp-loans/ to begin their online application using the access code 9898

PPP loan forgiveness process: Stay tuned!
PPP loans contain the possibility to have all or part of the loan amount forgiven, if the loan funds are used for forgivable expenses and within a ‘covered’ period. Detailed information is available at https://pursuitlending.com/resources/ppp-forgiveness/, including an extensive catalogue of Questions & Answers.

The specifics and details of how to apply for loan forgiveness are yet to be finalized by the SBA and US Treasury. Borrowers will be contacted directly by Pursuit as soon as applications for forgiveness can be submitted online. In the meantime, borrowers can prepare by following the recommendations listed here: https://pursuitlending.com/resources/ppp-loan-forgiveness-guide/

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For a comprehensive overview of COVID-19 related Small Business guidance and loan resources, please visit the Small Business Administration (SBA) website: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources.

Financial Assistance for Jeff Bank Business Customers using the Paycheck Protection Program (PPP):

On March 27, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act was designed to help small businesses survive and recover from losses due to business activity limitations while the country fights the Coronavirus outbreak. Comprehensive information about the various programs and measures is available on the Small Business Administration’s website www.sba.gov.

The Paycheck Protection Program (PPP) is a loan program from the Small Business Administration (SBA), and a key component of the CARES Act. Loans under the second round of funding for the PPP continue to be available. All loan terms will be the same for every borrower, nationwide: 1% interest, 2 years maturity, 6 month deferred loan payments.

Jeff Bank is providing its customers access to the PPP program through Pursuit Lending (formerly NYBDC – New York Business Development Corporation).  All decisions regarding your PPP application will be made by Pursuit.

Please use the following secure website to submit your application online, and to upload required documentation: https://pursuitlending.com/sba-ppp-loans/. The access code is 9898; the website also has an application guide, screenshots to guide applicants through the process, a full list of required documentation, and information on how to maximize loan forgiveness*.

For the latest updates, including upcoming information on the loan forgiveness process, please visit the SBA’s special webpage on the PPP program: 

https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp.

Across the United States many business owners either already have or are planning to apply for a loan through the Small Business Association’s (SBA) Payment Protection Program (PPP). Unfortunately, there is also another group who is looking to benefit from the PPP, and those are the scammers. Some of the ways that scammers are contacting businesses are through phone calls, emails, and texts. The Federal Trade Commission (FTC) has put together some “do’s” and “don’ts” to try to help you protect yourself against these scammers. To learn more information and to view this list, please click here to visit their website.

Financial Assistance for Jeff Bank Business Customers under the CARES Act:
On March 27, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act was designed to help small businesses survive and recover from losses due to business activity limitations while the country fights the Coronavirus outbreak. Key components include loan programs from the Small Business Administration (SBA), changes to tax filing requirements, and modifications to unemployment benefits.

After the initial funding ran out, Congress has now made additional funds available for a variety of aid and relief packages, including the Economic Injury Disaster Loan (EIDL) program and the Paycheck Protection Program (PPP).

Economic Injury Disaster Loan program (EIDL):
For information about this program, and how to apply, please go to the SBA’s website www.sba.gov. This program is directly administered through the SBA, with an online application process through a dedicated SBA portal.

Paycheck Protection Program (PPP)
Congress approved an additional allocation of funding for the PPP program. Jeff Bank is working with Pursuit Lending (formerly NYBDC) to provide its customers with access to the PPP loans. Demand for funding under the program has been very high and many applications from the original PPP program remained unfunded when the program ended on April 17. Accordingly, no new applications for funding under the PPP program are being accepted by Pursuit Lending on behalf of Jeff Bank at this time.

However, Jeff Bank customers who previously applied with Pursuit Lending and only received an application confirmation notice (but NOT loan approval and/or funding) do not need to re-submit their application. The applications have remained active and will be submitted for funding as soon as the SBA’s portal for the electronic submission of applications is re-opened.

Please note: There is no guarantee that the additional PPP program funding will be sufficient to fulfill all program demand and some applicants may remain unfunded when the next phase of the program ends.

For the latest updates, including information on the loan forgiveness process, please visit the SBA’s special webpage on the PPP program:

https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp.

https://www.irs.gov/newsroom/economic-impact-payments-on-their-way-visit-irsgov-instead-of-calling

Economic Impact Payments on their way, visit IRS.gov instead of calling

IR-2021-01, January 4, 2021

WASHINGTON — The Internal Revenue Service today urged people to visit IRS.gov for the most current information on the second round of Economic Impact Payments rather than calling the agency or their financial institutions or tax software providers. IRS phone assistors do not have additional information beyond what’s available on IRS.gov.

The IRS and the Treasury Department began issuing a second round of Economic Impact Payments, often referred to as stimulus payments, last week.

The direct deposit payments may take several days to post to individual accounts. Some Americans may have seen the direct deposit payments as pending or as provisional payments in their accounts before the scheduled payment date of January 4, 2021, which is the official date funds are available.

Paper checks also began going out and will continue to be sent through January. Some people will be mailed debit cards in January, and the IRS urges people to carefully check their mail. Mailed payments will require more processing and mailing time. Those who reside abroad will have longer wait times for checks as disruptions to air travel and mail delivery in some countries will slow delivery.

The IRS emphasizes that there is no action required by eligible individuals to receive this second payment. The payments are automatic, and people should not contact their financial institutions or the IRS with payment timing questions.

Eligibility
Generally, U.S. citizens and resident aliens who are not eligible to be claimed as a dependent on someone else’s income tax return are eligible for this second payment. Eligible individuals will automatically receive an Economic Impact Payment of up to $600 for individuals or $1,200 for married couples and up to $600 for each qualifying child. Most people who have an adjusted gross income for 2019 of up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, will receive the full amount of the second payment. For filers with income above those amounts, the payment amount is reduced.

Checking the status of a payment
Starting today, people can check the status of both their first and second payments by using the Get My Payment tool, available in English and Spanish only on IRS.gov.

Payment not received or less than expected? Claim on 2020 tax return
Payments started going out last week and will continue through mid-January. Direct deposit payments are being made first to those that have valid routing and account information on file for direct deposit purposes. Because of the speed at which IRS issued this second round of payments, some payments may have been sent to an account that may be closed or no longer active. By law, the financial institution must return the payment to the IRS, they cannot hold and issue the payment to an individual when the account is no longer active. While the IRS is exploring options to correct these payments, if you have not received your full payment by the time you file your 2020 tax return, you may claim the Recovery Rebate Credit on your tax return.

The credit is figured like the Economic Impact Payment, except that the credit eligibility and the credit amount are based on the 2020 tax year information, including income.

For people who received a partial Economic Impact Payment, they can take the Recovery Rebate Credit for any remaining amount they’re eligible for by completing line 30 of the 2020 Form 1040 or 1040-SR.

Changing bank account or mailing information
The IRS cannot change payment information, including bank account or mailing information. If an eligible taxpayer does not get a payment or it is less than expected, it may be claimed on the 2020 tax return as the Recovery Rebate Credit. Remember, Economic Impact Payments are an advance payment of what will be called the Recovery Rebate Credit on the 2020 Form 1040 or Form 1040-SR.

More information
For more information about Economic Impact Payments and the 2020 Recovery Rebate Credit, visit IRS.gov/eip. People can check the status of their payment at IRS.gov/getmypayment. For other COVID-19-related tax relief, visit IRS.gov/coronavirus.

The US Treasury has begun to process and send payments. The payments may be available as early as January 4, 2021.

The IRS expects to make the “Get My Payment” tool available on their website very soon. As soon as it is available, Jeff Bank will make the link available to assist customers in tracking their stimulus check through the IRS.

Please take advantage of online banking, mobile banking, or telephone banking to review account balances and transactions.

Deposit alerts can be set up within Mobile Banking to receive alerts to new deposit activity

Our Telephone Banking can be reached at 1(888) 216-2265.

Coronavirus Tax Relief Payments: Jeff Bank has received its initial tax relief payments which have been posted to our customers’ accounts.

If you have not received your payment and would like more information, please refer to the IRS website at www.irs.gov. Then select Get Info on Economic Impact Payments. The Get My Payment tool can be found on that page.