COVID-19 Small Business Resources

At Investors Community Bank, we are here to help you navigate through these unprecedented challenges by keeping you updated on resources available to you and your small business on the local, state and national levels. We’ve compiled some helpful information and links on a variety of topics, from fraud prevention to relief programs and more.

The U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital to small businesses that are suffering substantial economic injury as a result of the novel coronavirus. This site includes information on how to apply and other COVID-19 related resources.

This page is designed to provide the latest information to Wisconsin residents and businesses on resources aimed at maintaining the vitality of the companies upon which the local economy depends. Included on this page are resources available to Wisconsin businesses from WEDC and other local, state and federal agencies.

On March 24, 2020, Governor Evers issued the “Safer at Home” Order closing all Nonessential Wisconsin businesses until 8:00 a.m., Friday, April 24, 2020. Visit this page for details and answers to frequently asked questions related to the Governor’s Order.

This site contains COVID-19 talking points specifically related to Wisconsin, disaster loan assistance information, tips on getting your business through this challenge and more.

Learn more about the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announcement regarding small and midsize employers who can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing coronavirus-related leave to their employees.

This guide covers topics related to ensuring your workplace is safe, tips on reducing risk, steps to take if a COVID-19 outbreak would occur and much more.

 

Beware of Business Fraud

At times like these, we especially need to be wary of business fraud. We ask that you please be diligent about confirming the authenticity of payments that are being sent out from your business. This would include checks, wires, bill and ACH payments, and any other forms of payment. If you receive a request, it’s vital to do out-of-band (two-factor) authentication BEFORE sending any payments to vendors, which requires a secondary verification method through a separate communication channel. Be suspicious of unusual requests and verify any before proceeding – for example: if a vendor requests bank and/or account information be changed through an email. Before you make the change, you should confirm it is legitimate by calling the vendor at an already-established phone number.

Always be on the lookout for the various fraudsters out there. They wouldn’t think twice about scamming you or your company and will take advantage of these challenging times! We also recommend that you check your business online banking account regularly and review transactions posted to your account, ensuring each is legitimate and reflects your business activity. If you see any discrepancies, contact your bank immediately.

 

Upcoming Legislation May Aid Small Business

Proposed legislation working its way through Congress may have significant designated funds available for small businesses through the SBA. The details are still forthcoming, and we are monitoring this closely to see what these programs look like, and how we can play a role in helping you expedite access to these new dollars. We will keep you informed as we learn more.


Questions?

We will continue to monitor the COVID-19 situation and keep you apprised of any new developments. We feel communication is vital at this time, and we are emailing customers with regular communications. If you are not receiving email updates, please notify us via contact@icbk.com, and we will add you to our distribution list.

As always, you can access your accounts 24/7 via ICB Business Online Banking and ICB Business Mobile.   

Regular updates are also posted on our website: www.InvestorsCommunityBank.com/Covid-19 as well as both our Facebook and LinkedIn pages. Please visit these resources for the latest updates, and do not hesitate to reach out to your banker with any questions.

Topics: Risk/Fraud, Cash Management, General Business, Government Loan Programs/Financing Options

 

 

Back To Blog Home

Views provided in this blog are general in nature for your consideration and are not legal, tax, or investment advice. Investors Community Bank (ICB) makes no warranties as to accuracy or completeness of information, including but not limited to information provided by third parties, does not endorse any non-ICB companies, products, or services described here, and takes no liability for your use of this information. Information and suggestions regarding business risk management and safeguards do not necessarily represent ICB’s business practices or experience. Please contact your own legal, tax, or financial advisors regarding your specific business needs before taking any action based upon this information.