COVID-19: We’re here for you.

PPP Scam Alert

As you may have read in the news, after losing its recent fight in federal court to keep PPP borrower and loan information confidential, the SBA will be releasing names, addresses and precise loan amounts for all Paycheck Protection Program (PPP) loan recipients. Please know that banks that issued PPP loans played no role in the decision to release this information.

As customer information becomes publicly available, we expect scammers will reach out to PPP borrowers under the guise of offering assistance with forgiveness. Please be vigilant and ensure you are speaking with a Liberty Bank representative with regards to your PPP loan. Please note that this important PPP loan program update and all of our communications to you regarding PPP loan forgiveness have been by email . Our ongoing communications to you regarding the PPP loan program will continue to be through email and we will only call you if you specifically ask us to do so. Be cautious in all of your PPP loan program communications and in particular any telephone conversations related to PPP loan forgiveness. Lastly, remember, Liberty Bank will never ask for personal customer information over the phone. 

Webinar Series

Webinar 1: Overview of PPP Loan Forgiveness 

In this recorded webinar, Liberty Bank and Crowe LLP provide an overview of the PPP loan forgiveness phase. View the recording.

Webinar 2: How to Submit a PPP Loan Forgiveness Request  

In this recorded webinar from Liberty Bank and PPP Loan Specialists from Crowe LLP, we will walk you through the forgiveness application, screenshots of the portal and help you identify if you qualify for the Standard or EZ Loan Forgiveness Application. View the recording.

Webinar 3: How to Submit a PPP Loan Forgiveness Request  

This webinar focuses specifically on how a Liberty PPP borrower can use the Crowe portal to apply for PPP forgiveness. View the recording.

Webinar 4: Updates to the PPP Loan Forgiveness Process

This webinar, recorded on October 20, 2020 focuses on updates to the PPP Loan Forgiveness process.

View the recording

Download the slides
 

Webinar 5:  Updates on Loan Forgiveness and New PPP Loans

This webinar, recorded on January 14, 2021 focuses on:

-Changes to eligible costs and requirements for forgiveness of PPP loans
-Approaches for obtaining full forgiveness with the least amount of work -Expectations for SBA audits
-Eligibility and requirements for obtaining a new PPP loan
-Additional information on tax impacts and EIDL advances

View the recording

Liberty Bank is continually monitoring the guidance being published by the Small Business Administration (SBA) regarding PPP loan forgiveness. We will continue to share forgiveness application and program updates with you as they are released by the SBA.

Thank you for choosing Liberty Bank as your financial partner in securing a PPP loan. We look forward to guiding you through the next phase of the PPP process.

Business Customers: 

Small Business & Commercial Banking Customers

• Unlimited number of transfers and withdrawals are now allowed from your money market and savings accounts. 
• Liberty Bank’s small business and commercial banking customers are eligible for various types of loan payment assistance, including but not limited to immediate loan payment deferrals, interest only payments, further credit extensions or other forms of assistance.
• Small business and commercial banking customers who are experiencing financial hardship should call the Customer Service Center at 1.888.570.0773 to discuss these relief options.
• As always, Liberty will work with their small business customers if they need any assistance in pursuing other options they may be eligible for, including opportunities through the U.S. Small Business Administration (SBA) or other existing programs.

Additional Assistance for Customers

• If Liberty customers seek other assistance not listed above, call the Bank’s Customer Service Center at 1.888.570.0773. The Liberty team is ready to take your call and find solutions to fit your needs at this critical time.

More information about financial hardship relief

Personal Customers:

Consumer Lending Customers

• Liberty Bank consumer loan customers are eligible for various types of loan payment assistance, including immediate loan payment deferrals. For more information, call Liberty’s consumer loan team at 1.800.354.8950.

Credit Card Customers 

• Customers with Liberty Bank credit cards are eligible for financial relief, including fee waivers for late fees, over limit fees and rush card requests. Contact Cardmember Services at 1.800.558.3424.

Consumer Banking Customers

• Customers may be eligible for certain fee waivers. Call Liberty’s Customer Service Center at 1.888.570.0773 for help.
• Customers can request increases in debit card limits and remote deposit check limits. Call Liberty’s Customer Service Center at 1.888.570.0773 to make the request.
• Unlimited number of transfers and withdrawals are now allowed from your money market and savings accounts. 

IRA and Retirement Plan Changes in the CARES Act

The Coronavirus Aid, Relief, and Economic Security (CARES) Act recently passed by Congress and signed into law by the President contains a few provisions regarding rule changes for retirement plans that you should be aware of:

• Required minimum distributions (RMDs) are suspended for 2020.  All RMDs are suspended, including those for inherited IRAs as well as traditional IRAs of those over 70 ½.
• Due to the tax return filing deadline for 2019 income tax returns being extended to July 15^th, 2020, the deadline for making a 2019 contribution to an IRA (or HSA) is also extended to July 15^th.
• Please be advised to consider carefully about whether to take advantage of this suspension and to consult with your tax professional.  If you have already taken your 2020 RMD, you have the option to keep it or return it to the IRA.
• Additionally, the 10% penalty for taking early distributions from qualified retirement plans, including IRAs and 401(k)s has been waived.  This wavier applies to distributions taken between January 1, 2020 and December 31, 2020.  Up to $100,000 of distributions avoids the penalty.

Additional Assistance for Customers

• If Liberty customers seek other assistance not listed above, call the Bank’s Customer Service Center at 1.888.570.0773. The Liberty team is ready to take your call and find solutions to fit your needs at this critical time.

More information about financial hardship relief