Coronavirus (COVID-19) Information and Updates
There is no higher priority for our First Independence Bank family than the health and safety of our customers, employees and communities. We are closely monitoring the evolving situation surrounding the Coronavirus (COVID-19) and continue to follow guidance from the World Health Organization (WHO), the Centers for Disease Control and Prevention (CDC), international, regional, state and local authorities. Please read a letter PDF download from our CEO and Chairman.
In addition, First Independence Bank wants our business customers to have the support they need during these uncertain financial times. There are various programs available to help sustain your cash flow.
If you are a current customer and are experiencing financial hardship because of the Coronavirus, please contact your loan officer for information on deferring payments.
Economic Injury Disaster Loan (EIDL)
EIDL is being offered via SBA and needs to be applied for at the SBA.gov website. These loan funds are being offered to support business working capital needs to support businesses through these trying times. The proceeds of the loans are to be used for Working Capital: payroll, rent, business mortgage payments, utilities, etc. The rate is 3.75% for profit businesses and 2.75% for Non-profit. Payments are deferred for 11 months with the first payment due on the 12th month from the Note Date. Loan consideration, amounts and repayment is being determined on a case by case basis. Banks do not fund this loan. As part of the EIDL program, the applicant may qualify for up to a $10k Economic Injury Disaster Grant (EIDG) – this is provided as an emergency grant for those businesses that qualify. These funds are expected to be released within 3 days of the application being processed. The EIDL is applied for at www.sba.gov.
Overview of The CARES Act
The Cares ACT was established to keep workers paid and employed, support healthcare systems with enhancements and provide economic stabilization for business with less than 500 employees. The Payroll Protection Program Loan (PPPL) was established from the CARES Act. The SBA is currently defining its application process and once that has been completed, First Independence Bank (FIB) is accepting applications. This facility is applied through your SBA 7a approved lending institution. FIB is qualified to support this request. Because this was just approved, all the details on applying and terms have not been communicated. This loan is provided to support eligible expenses incurred from February 15th, 2020 through June 30th, 2020. It is imperative that the business keep detailed records of these expenses as there may be a portion of this loan that could be forgiven. The interest rate will not exceed 4%. Loan payments will be deferred for at least 6 months and up to 1 year from the Note date of the loan. If you are interested in applying for this loan, you can email: PPPL@firstindependence.com and one of our loan officers will contact you with the information required for the application process.
- PPP Information Sheet for Borrowers
- Required Documents for Submission
- Application (secure submission)
- SBA PPPL Calculation
How to Access Banking Services
We are committed to ensuring that you have safe and secure access to your funds and our services. Effective at noon on Monday, March 30, 2020, First Independence Bank branches will be implementing changes in response to COVID-19. You can visit our Branch Alert Page to stay apprised of the status of our branch offices. Our ATM’s and the ATM’s of some of our partner institutions: Fifth Third Bank, Chemical Bank, and TCF Bank, can be utilized 24/7 free of charge. We encourage you to take advantage of our online and mobile banking tools, including Mobile Deposit Capture, TransferNow® , Online Bill Pay and Popmoney®. If you have not used online or mobile banking in the past, now is a great time to get started by signing up for Online Banking and downloading our FIB Mobile Banking app.
Are You Experiencing Financial Hardship?
If you or your business are experiencing financial hardship as a result of the virus, we encourage you to contact our office at 313-256-8400.
Measures We Have Taken
We have increased the frequency of our housekeeping and sanitation efforts in our offices, which includes disinfecting often-touched surfaces such as door handles, countertops, and keypads. We are asking all of our employees to follow CDC guidelines to prevent the spread of the infection. In these efforts, we are advising our employees to use disinfectant spray and cleaning solution.
We have implemented guidelines that instruct those employees who experience cold or flu-like symptoms, or individuals who have been diagnosed with COVID-19 to stay home and follow the CDC’s instructions.
We will continue to monitor the situation and adjust actions taken as necessary to help limit the spread of the virus and to do our part in helping to protect our valued customers and employees during this time.
What Else You Should Know
- Protect yourself from scams, please know that we won’t ask for confidential information such as name, password or PIN’s if we reach out to you. See the Federal Trade Commission’s advise.
- To guard against phishing, don’t click on links in emails or texts. Instead, go directly to apps and sites like the FIB Mobile Banking app or firstindependence.com.
Resources to Stay Informed
- Center for Disease Control and Prevention – official website
- World Health Organization – official website
- FDIC Coronavirus (COVID – 19) Information for Bankers and Consumers – official website
- United States Department of Labor Occupational Safety and Health Administration – official website
- Public Service Announcement – New Drive Thru Testing Centers
- Downtown Detroit Partnership COVID – 19 Update
- Detroit EDC Small Businesses COVID-19 Relief Grant Fund