COVID-19 Resource Center
House Approves Additional PPP Funds, President to Sign Imminently
April 23, 2020
By a strong bipartisan vote this evening, the House cleared legislation providing more than $320 billion in new funding for the Small Business Administration’s Paycheck Protection Program. The Senate passed the bill earlier this week, and President Trump is expected to sign it shortly.
Paycheck Protection Program
April 7, 2020
Effective immediately, M&F Bank has suspended accepting new applications for the Pay Check Protection Program until further notice. We apologize for any inconvenience this may cause.
We are diligently working on applications that have been submitted up to this point. Thank you for your understanding.
COVID-19: Branch Operations Updates
March 30, 2020
We are closely monitoring official reports from the Center for Disease Control (CDC) and NC Commissioner of Banks. As a result, in an effort to slow the spread of COVID-19 and implement social distancing to protect customers and associates, we will be limiting branch operations to our drive-thrus and ATMs. Locations without drive-thrus will be ATM access only. We are also limiting all branch hours to 9:30AM-4:00PM, effective March 31, 2020.
We encourage you to use our self-service banking options including ATMs and online banking where you can check balances, transfer funds and more. We also encourage the use of mobile banking where, in addition to these functions, you can also deposit checks. Please note that our ATMs accept cash and check deposits. Business customers may also manage their account(s) on a mobile device by downloading the M&F Bank Mobiliti Business app.
If you are not enrolled in online or mobile banking and need assistance please email us at email@example.com. We thank your patience and understanding during this time.
M&F Bank Loan Deferment Options
March 26, 2020
M&F bank has always been and will continue to be committed to the communities we serve. We are always exploring ways to be of assistance in a responsible and meaningful way. We are open and available to answer any questions you may have as it relates to your account(s) with us. Simply contact a local branch by phone to speak to a representative.
In light of the circumstances that have developed around the COVID-19 pandemic and regulatory guidance, M&F Bank has made the decision to allow customer loan payment deferrals for up to three (3) months. Deferrals will be considered upon request. We are also finalizing the DocuSign processes and procedures in order to process these deferrals with no or minimal in-person contact.
Loan payment deferrals apply to consumer and business customers and are available with no fee. As long as requests are for loans that are current and paid as agreed, requests are automatically approved. Other loans will be evaluated on a case-by-case basis.
In addition to the above, we are offering guidance as it relates to SBA programs, specifically Disaster Assistance Loans, as well as the Keeping American Workers Paid and Employed Act. There are specific programs where borrowers must apply for this assistance directly through the Small Business Administration, however, there are exceptions and require that the application be submitted directly to M&F Bank.
We are proactively contacting as many customers as possible to evaluate your needs, but we also encourage you to reach out to us if your financial situation should change. Our branch managers, business bankers, and relationship managers are available via phone and email to assist you with the loan deferment process. Business at our branch locations has been restricted to drive thru and ATM access only, but are currently operating under normal business hours. Representatives can be reached by phone.
We can also be contacted via email at firstname.lastname@example.org for issues related to your account(s) and/or or online or mobile banking.
We aim to be a resource during this uncertain time and thank you for your continued trust and business.
James H. Sills, III
Digital Tithing Options
March 25, 2020
In this critical time of social distancing and virtual church services, online giving platforms can offer your church members a convenient and alternative way to give, and also encourage consistent giving each week. Churchgoers have the freedom to decide how much they want to donate and how frequently, and even have the choice to automate their giving by setting up recurring gifts. From debit, to credit, to automatic bank withdrawals, church online giving platforms make tithes and offerings easy for everyone. There are some great giving platforms to choose from that can be tweaked to fit your church’s specific needs. All of the platforms below can be connected or linked with your M&F Bank Checking account.
Click here to see the five platforms that have been designated as the top online giving options by outreach.com for your congregation to give online. If you have any questions, please email our deposit services department at email@example.com
*The listing of giving platforms in this correspondence is provided for general information only and is not to be construed as an endorsement by the Bank. M&F Bank does not endorse any of the giving platforms noted in the correspondence. You should conduct your own due diligence prior to engaging any of the noted giving platforms. The Bank does not make any warranties about the services provided by the noted giving platforms. The Bank, its officers, directors, shareholders or employees will not be liable for any issues that you may experience as a result of utilizing any of the giving platforms noted.
Keeping American Workers Paid and Employed Act
The Keeping American Workers Paid and Employed Act would provide $377 billion to help prevent workers from losing their jobs and small businesses from going under due to economic losses caused by the COVID-19 pandemic. The Paycheck Protection Program would provide 8 weeks of cash-flow assistance through 100 percent federally guaranteed loans to small employers who maintain their payroll during this emergency. If the employer maintains its payroll, then the portion of the loan used for covered payroll costs, interest on mortgage obligations, rent, and utilities would be forgiven, which would help workers to remain employed and affected small businesses and our economy to recover quickly from this crisis. This proposal would be retroactive to February 15, 2020 to help bring workers who may have already been laid off back onto payrolls.
Click here to read more.
Coronavirus Emergency Loans Small Business Guide and Checklist
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
The administration soon will release more details including the list of lenders offering loans under the program. In the meantime, the U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed individuals prepare to file for a loan.
Click here to download the guide.
Golden LEAF to offer $15M in small-business loans for COVID-19 recovery
March 24, 2020
Rocky Mount-based nonprofit Golden LEAF Foundation is launching a $15 million NC COVID-19 Rapid Recovery Loan Program to assist businesses suffering from economic losses due to the spread of coronavirus. The program, which will be managed by the NC Rural Center, will give loans to eligible businesses for as much as $50,000 with zero interest and no payments for six months. The loan will automatically convert to a term loan if not repaid in six months. Other program partners include Business Expansion Funding Corp., Carolina Small Business Development Fund, Mountain BizWorks, Natural Capital Investment Fund, and Thread Capital.
Small-business owners interested in applying for a loan should visit ncrapidrecovery.org or call 800-228-8443.
The North Carolina Small Business and Technology Development Center (SBTDC) system will, at no charge, assist small businesses in assessing financial impacts of the COVID-19 pandemic, reconstructing financial statements, evaluating credit options and applying for SBA disaster loans.
U.S. Small Business Administration Assistance Information
- U.S. Small Business Administration Disaster Assistance Overview
- U.S. Small Business Administration Fact Sheet– Economic Injury Disaster Loans:
This fact sheet provides information regarding credit requirements, interest rates, loan terms, eligibility criteria and more.
- Unemployment Insurance Changes Due to COVID-19 (Coronavirus) | NC Department of Commerce
- Families First Coronavirus Response Act (H.R. 6201), explained by the Society for Human Resources Management
- U.S. Department of Labor | Wage and Hour Division COVID-19 Portal: The Wage and Hour Division provides information on common issues employers and employees face when responding to influenza, pandemics, or other public health emergencies, and their effects on wages and hours worked under the Fair Labor Standards Act and job-protected leave under the Family and Medical Leave Act.