CARES ACT, PAYCHECK PROTECTION PROGRAM, & BUSINESS RELIEF RESOURCES

The SBA has informed banking trade associations that PPP funding is considered to be exhausted, and that the SBA PPP application portal is now closed to most lenders. The SBA indicated that a small amount of remaining PPP funding is available only for designated “community financial institutions,” which include minority depository institutions (MDI’s) and community development financial institutions (CDFI’s). Like most banks, Riverview Bank is not designated as an MDI or CDFI; therefore as of May 4, 2021 we can no longer accept new PPP applications.

We have provided the below links issued by the SBA for both CDFI’s & MDI’s as a possible resource for you.

CDFI Link

MDI Link

***Important Update Regarding Forgiveness Processing***

On March 5th, 2021, the SBA began accepting submission of the newly revised forgiveness applications, including the attestation based Form 3508S for loans of $150,000 or less. Accordingly, Riverview Bank has now opened the forgiveness application process for all SBA PPP borrowers who obtained a PPP loan with Riverview Bank. Forgiveness applications are emailed to borrowers via a secure portal link. This is the only method by which loan forgiveness applications will be accepted. Please note, documents sent outside of the link CANNOT be accepted or retained. We encourage you to regularly view the SBA website for updated information and to work with your tax, financial, and/or legal advisors to determine your specific eligibility.

Information about our CARES act team and Available Business Relief Resources:

Understanding that our business community is faced with varying and unique challenges, we deployed a dedicated CARES Act Relief team, equipped with our most experienced SBA lenders, who are working closely with each unique customer to identify solutions to benefit their individualized needs. Our dedicated CARES Act Relief team is available for the community, providing education and expertise on all resources offered by government agencies through the SBA, CARES Act Relief Programs, and other state government agency programs, such as:

  • U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP), providing loans through Riverview Bank that are supported by the SBA with a 100% loan guarantee. This program is intended to provide funding for businesses to retain employees on their payroll, with initial loan payment deferrals and debt forgiveness provisions for eligible borrowers.
  • U.S. Small Business Administration (SBA) Economic Injury Disaster Loan Program (EILP), providing low-interest federal disaster loans for small businesses impacted by COVID-19

A real-time list and full details of financing resources offered throughout the Commonwealth, including how to apply, by the agencies above can be accessed through the DCED website.

CARES Act
SBA Disaster Assistance Site
DCED Financing Programs for COVID-19 Impacted Businesses
2021 PPP Borrower Application Checklist

FINANCIAL HARDSHIP RELIEF RESOURCES

1 Borrower must recently be unemployed due to the COVID-19 pandemic. Borrower must be able to furnish last pay stub or other acceptable proof of income. Subject to credit approval. Standard underwriting criteria apply. Credit score based on lowest score of all applicants. Automatic Payment Deduction from a Riverview checking or savings account is required. 0.00% APR (Annual Percentage Rate) for the first six (6) months of the loan, thereafter the loan will accrue at a 2.99% APR for 18 months of the term. 24-month term loan. No Payments for the first six (6) months of the loan. Thereafter, payments of principal and interest will start at month seven (7) and will continue 18 months for the life of the loan. Other terms and conditions may apply. If maximum loan amount of $5,000.00 is borrowed and repaid making the required loan payments only, the monthly payment will be 18 equal payments of $284.40 to satisfy the loan. Please contact the bank for full details.

  • Payment Relief Options through Temporary Deferral of Business Loan Payments.
  • Business Loan Payment Modifications to Interest-Only Payments.
  • Temporary Business Loan Fee Waivers.
  • Temporary Consumer Loan Fee Waivers.
  • Temporary Deferral of Loan Payments on Residential Mortgage Loans and Consumer Loans.

BRANCH AVAILABILITY

We are following the directives of the State of Pennsylvania, the guidance of the World Health Organization (WHO), and the Center for Disease Control (CDC) to protect the health and well-being of our employees and customers through safety controls and precautions in the branches and other facilities.

COVID NEWS RELEASES

Riverview Bank and its Operating Divisions, CBT Bank and Citizens Neighborhood Bank, Provides Relief Support to Customers and Communities Impacted by COVID-19.

Riverview Bank Continues to Remain Open Through Drive-Up BankingServices. Governor Tom Wolfe eleased an edict this evening requiring all non-life sustaining business to close beginning at 8:00 PM tonight. Through this order Riverview Bank and its Operating Divisions, CBT Bank and Citizens Neighborhood Bank, will remain open to serve our customers as we are listed in an industry group that is categorized as a life sustaining business.

COVID-19 Pandemic Update: Branch Availability and Your Banking Options As your community banking partner, we make it our priority to focus on your wellbeing. For the safety of our employees and customers alike we will be taking the following precautions and limiting branch lobby availability beginning Wednesday, March 18, 2020.

As information continues to develop around the COVID-19 (Coronavirus) we want to assure you we are taking this very seriously and monitoring this dynamic situation closely.

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