May 18th, 2020
Update on our COVID-19 Response
Signature Bank remains committed to doing our part to limit the spread of COVID-19. As many businesses in our area make plans to resume operations in the coming weeks, we wanted to provide an update on our current company procedures:
• Our lobby remains open daily for teller transactions during our regular business hours, 8:30 AM – 5:00 PM, Monday through Friday.
• Our employees are now required to wear face masks and we are asking clients to do the same. Please let us know if you do not have a mask and we will provide one to you.
• We will be limiting the number of clients in the lobby in accordance with CDC’s social distancing recommendations. Please wait for an associate to let you in to the branch.
• We ask you to use the Night Depository for transactions and dropping off documents whenever possible. We have envelopes available for you to use on the Night Depository. All items received in the Night Depository up to 5 PM will be posted on the same business day.
• Please make appointments for all non-teller transactions like opening new accounts, notary services, and medallion guarantees by calling 419-841-7773.
To those of you who have applied for and received an SBA PPP loan from Signature Bank, thank you for your patience and responsiveness. We hope that the proceeds of these loans will provide much needed help during an unprecedented time of economic challenge. Now that we have worked through the approval, documentation, and funding process for these loans, our focus has shifted to the eventual loan forgiveness requests. We are reviewing daily the latest PPP loan related information from the US Department of the Treasury ("Treasury") along with the US Small Business Administration ("SBA").
While final guidance is still forthcoming from Treasury and SBA, our team is well versed on the most recent guidance. The SBA published a forgiveness application late last week (to review the application please visit the SBA website here). When final guidance is issued, we plan on communicating our forgiveness process to all of our clients that have a PPP loan. We also encourage you to seek input from your payroll providers, CPA’s, and attorneys as you are deciding how to spend the loan proceeds. Finally, please remember to document thoroughly and accurately how you spend the PPP loan proceeds.