FIRST VOLUNTEER UPDATES

Lobby and Drive Thru Changes Due to CDC Social Distancing Recommendations
We are closely following the developments of the COVID-19 pandemic as it daily evolves. The health and safety of our customers and employees is our most important priority. We are here to help and support you. Whether you are impacted directly by the pandemic or because of the volatile financial markets, we are open for business and here to help. We have activated our Business Continuity Plan and are taking actions necessary to provide the service and support you expect, no matter how challenging the environment. Please read the following changes for our banking offices effective Monday, March 23rd.

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.

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!

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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