When visiting either branch, please be mindful of the following steps that we are taking to ensure the health and wellness of our customers and staff:
Online Banking Resources
Below is a list of our secure online and mobile banking services that are available through our website and on our mobile app. Please give us a call if you need assistance setting up your mobile banking options.
Supporting the Community
We know that as the only locally owned bank in the Yampa Valley that we have a responsibility to support our community during this time. In April of 2020, we launched our To-Go Together campaign in which all to-go orders purchased from 27 participating restaurants were matched in a donation to LiftUp of Routt County and the Inter-Faith Food Bank of Moffat County. Overall, this campaign raised $53,000 for local Covid-19 emergency assistance programs. Watch an interview on To-Go Together with President & CEO PJ Wharton here or read about the campaign in the Steamboat Pilot here.
If you are looking for other ways to support the community, please visit SteamboatStrong.org and contribute to their fund for businesses and individuals who have been impacted by the Covid-19 pandemic.
Yampa Valley Bank has been dedicated to helping Routt and Moffat County navigate the assistance programs included within the Coronavirus Aid, Relief and Economic Security ACT (CARES) Act. Click here to watch a story by CBS News Denver on how we processed over 400 loans worth $33 million in one week during the first round of PPP loan funding. Below, also is information that may be beneficial to you and your business regarding programs administered through the Small Business Administration (SBA) and through YVB.
Economic Injury Disaster Loans (EIDL) remain available through the SBA. These are emergency loans for the purpose of funding expenses that cannot be paid due to the impact of COVID-19. For businesses with a temporary loss of revenue, this loan may allow an advance of up to $10,000 within three days of loan approval, and that advance may not need to be repaid. More information is available, and you may apply for a loan directly through the SBA website here.
The first round of Payroll Protection Program (PPP1) Loans, a component of the CARES Act, was made available through certified Small Business Administration (SBA) lender banks, including YVB, until August 8, 2020. PPP Loans were intended to assist businesses or self-employed individuals in covering various short-term costs including rent, interest expense, and most importantly payroll expenses so that small businesses may better retain their employees in the COVID-19 environment. As a component of this loan, a borrower could apply for an amount equal to 8 weeks of expenses as calculated by a formula, but then later receive forgiveness for up to 24 weeks of those expenses. For much more information, visit the U.S. Department of Treasury info page.
The “Consolidated Appropriations Act, 2021” was passed on December 21, 2020, making a 2nd round of PPP funding available (PPP2). The Steamboat Springs Chamber has made available a complete summary of the Act, which you can view here. This Act includes additional funding for a 2nd round of PPP loans, and improved processes related to both the 1st and 2nd Rounds of PPP funding and forgiveness.
YVB is participating in the 2nd round of PPP funding, which is currently set to expire on May 31, 2021. We are currently accepting applications from YVB customers for both 1st draw and 2nd draw applications through a new YVB PPP Portal. There is a link to this portal within YVB’s Online Banking platform. Multiple changes were made by the most recent legislation regarding PPP1 and PPP2; following are several direct links to documents included on the Treasury PPP Page addressing pertinent details of the program:
After having received PPP Loan funds from YVB, and spent them in a manner consistent with the program’s requirements, borrowers may apply for Forgiveness of those expenditures. YVB is processing Forgiveness applications for its PPP borrowers as detailed below; the PPP2 Forgiveness process has not yet begun:
Please review the following important details regarding PPP loans and the Forgiveness application process:
Additional COVID-19 Related Loan Information:
For existing Yampa Valley Bank loans, YVB is offering up to 3-month payment deferments OR up to 6-months of conversion of amortized loans to interest-only payments. If you have been detrimentally affected by COVID-19 related issues and need this assistance, please contact us to see how we can help.
For EXISTING SBA loans, the CARES Act required the SBA to make payments for borrowers, for an initial six month period and encouraged banks to defer payments on these loans.
For businesses who were able to keep workers on their payroll, the IRS has extended a new COVID tax credit. Click here for details.
Please contact your YVB Loan Officer with any questions that you may have.
Other Resources Related to Covid-19