FINANCIAL ASSISTANCE FOR OUR CUSTOMERS
Please know we are a resource for you as you navigate the financial uncertainty of COVID-19. If you are experiencing hardship as a result of the coronavirus pandemic, please call us at 877.723.5571 or contact your Univest representative to discuss potential options for your specific situation.
The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), was enacted to help large and small businesses, individuals and families weather the effects of the COVID-19 pandemic.
COVID-19 Stimulus Payments
The government recently passed legislation that includes a new round of stimulus payments, also known as Economic Impact Payments, for qualifying individuals. We understand that these payments may be remitted in the form of either check or electronic payment. Given this news, we have seen a sharp increase in customers accessing their accounts in anticipation of receiving their stimulus payment and this is causing intermittent service issues. Please be aware that while the IRS has begun to process the electronic payments, we do not anticipate those direct deposits being available in customer accounts until January 4, 2021.
Your eligibility to receive this stimulus payment and how it is delivered (by check or electronically) is determined by the government. To learn more about who qualifies and payment amounts, visit IRS.gov/coronavirus. Please note that Univest financial center and customer support staff do not have access to information regarding whether customers will receive a check or when payments will post.
For those Univest customers receiving paper checks, you can securely deposit a check using the Univest Mobile Banking App, by making a deposit at a Univest ATM or via the drive-up window at a financial centers.
SBA Loan Assistance
We understand the restrictions you may be experiencing while operating under limited conditions or the concerns that come with having to temporarily shut down your business.
Our priority is to maintain the highest level of service you have come to expect while you navigate the challenges of COVID-19.
Paycheck Protection Program
As we have previously communicated, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) extended the authority to make Paycheck Protection Program (PPP) loans through March 31, 2021 and revised certain PPP requirements. Additional guidance and final interim final rules released by the Small Business Administration (SBA) address, among other items, overall changes and clarifications with respect to the PPP for first draw loans, and rules related to new “second draw” PPP loans. The interim final rules can be found on the Treasury website available here and here.
We are now accepting applications from eligible current customers for PPP first and second draw loans through our online portal.
As a reminder, PPP loans are subject to all PPP, SBA and other applicable rules and requirements. Should you have any questions regarding specific rules and requirements, we encourage you to consult with your legal and/or accounting/tax professionals. For more information and details about the PPP, including comprehensive program guidelines, please visit www.sba.gov or www.treasury.gov.
Please note that any information provided is based upon our interpretation of the guidance issued by the SBA and the U.S. Department of the Treasury and does not constitute legal or tax advice. You should contact your legal and tax professionals for any legal or tax advice.
In the event that you are a current customer and would like to submit an application through our online portal, please contact your relationship manager or customer support at 877.723.5571.