Temporary Lobby Suspensions

Due to increases in local COVID cases, we are temporarily operating by appointment, Drive-Up, and ATM at all branches starting October 7th, to keep customers and staff healthy and safe. Digital Banking remains available.

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Resources for Business

Small Business Administration Partner

We proudly partner with the Small Business Administration (SBA) to provide loans that can help small businesses overcome the barriers associated with starting or maintaining a business, and navigating through challenges.

We offer links below that will take you directly to resources provided on the SBA website:

  • COVID19 Small Business Guidance and Loan Resources
  • Paycheck Protection Program
    • The Paycheck Protection Program allows you to apply for the funds for the program through your bank, if you qualify for this program. Here is a Fact Sheet and Application for you to use.
      • To apply for this funding, the bank may ask for all financial information of the business and business owner and other requirements to process the loan application.
    • Covered Period: If you received your PPP loan before June 5, 2020, you will have the choice of using the 8-week or 24-week period to spend the loan funds. For those who received their funds after June 5, 2020, you will have 24-weeks to spend the loan funds. Within these covered periods, you can choose between the covered period that starts on the date you received your loan funds, or on the first day of the start of a new payroll period (‘Alternative Covered Period’). Please talk with your lender if you have questions about these covered periods.
    • Deferral Period: Instead of the 6-month payment deferral period, you will have to submit your forgiveness application within 10-months after the end of your covered period. You will not have to make a payment until the Small Business Administration remits your forgiven loan balances to the bank, or determines that you are not eligible for forgiveness. If you do not submit your forgiveness application within 10-months from the end of your covered period, the payments will begin the first month after the 10-month period.
    • Forgiveness: In order to be eligible for the maximum amount of forgiveness, you must use at least 60% of the loan funds on payroll costs, as defined by the Treasury Department and the Small Business Administration, and not more than 40% on non-payroll costs determined to be eligible by the Small Business Administration.
    • Safe Harbor: If you are unable to rehire previously employed individuals or similarly qualified individuals, it is possible that your forgiveness amount will not be reduced based on the full-time equivalent requirement. You will need to have documentation to support these situations.
    • PPP Forgiveness Applications and Instructions: If you are unsure which application to complete, reach out to a Prevail Business Lender today.
  • Bridge Loan Program
  • Economic Injury Disaster Loan vs. Paycheck Protection Program
    • Information provided on the Paycheck Protection Program is general information, and borrowers should always contact their lender and accountant for complete details.
  • Small Business Owner’s Guide to the CARES Act

Please contact your local Prevail Bank Business lender to discuss your business needs, and to see how we can help your business Prevail.

Keep your Business Safe Online

As a business owner, it's crucial to mitigate any risk that your business may face. As much of business is currently done online this day and age, it is especially important to monitor your digital security. We offer additional resources in our Prevail Today Blog, as well as in our FAQ Answer Center. If you have any additional questions regarding our specific digital banking software, please reach out to our team at 800.205.0914.

Multi-Million Dollar Deposit Insurance Coverage Options

Prevail Bank is insured by the Federal Deposit Insurance Corporation (FDIC), which allows us the ability to guarantee the safety of your money within the FDIC guidelines.

If you are looking to deposit funds over the FDIC limit of $250,000 per entity, we offer Certificate of Deposit Account Registry Service (CDARs) for CD balances and Insured Cash Sweeps (ICS) for Checking and Money Market balances that are in excess of the FDIC limits. Both CDARs and ICS allow depositors to work with Prevail Bank, who then partner with other participating CDARs and ICS Banks. These options make it easy for you by working with just one bank, one rate and one statement with all of your funds information. Learn more about our CDARs and ICS services by visiting the Promontory Interfinancial Network website, by contacting a Prevail Business Banker, or by watching our video below.

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Working with Quicken + QuickBooks

If you are a new user, or want to convert your banking transactions to Quicken or QuickBooks, simply export your Prevail Bank transactions from your Online Banking account and import into your Quicken or QuickBooks account. Get in touch with a Prevail Bank business representative today to learn more.

 

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