Covid-19 Response

Yampa Valley Bank is here to help those who are affected by Covid-19. This page outlines available economic relief efforts, actions being taken at both of our branches, and details on how we are supporting our communities.

SBA Loans and Relief Programs PPP LOAN FORGIVENESS PROCESS PPP Loan Stories

Lobby Operations

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:

Social distancing is required. Please maintain at least 6 feet between yourself and others at all times. There are decals on the floor to indicate proper spacing.
YVB staff will wear face coverings when assisting customers.
All customers in Steamboat Springs and Craig are required to wear a cloth face mask that covers the mouth and nose, per the Colorado Executive Order effective July 17, 2020. Please note that if you are wearing a face mask, you may be asked to briefly remove it for identification purposes.
There is signage in our lobby and building to remind and encourage social distancing. Please respect these directions and other visitors.
If you have a fever or are not feeling well, please utilize our online banking services or our drive-thru.

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.

Check balances and make transfer via Online Banking through our homepage or mobile app
Deposit checks directly into your account using mobile deposit on our mobile app
Send or request money with Zelle. Sign up now through your online banking!
Set up ACH and electronic transfer services
Remotely handle expenses with Bill Pay
Call 970-879-9200 for 24/7 debit card support
Call 855-982-2265 for voice banking services
Easily open an account online - click here to get started!

Set up real-time alerts for your accounts, such as balances, transfers & deposit notices, through your online banking
Register for Apple Pay or Google Pay to use your debit card contact-free

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 and CEO PJ Wharton here or read about the campaign in the Steamboat Pilot here.

Covid-19 Relief Programs

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). This Act included 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 participated in the 2nd round of PPP lending, which was set to expire on May 31, 2021 - Funding for the program was exhausted, however, in early May 2021. Though no additional applications may now be taken, YVB is gearing up to accept PPP2 applications for Forgiveness through YVB's PPP2 Portal. 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:

PPP Loan Forgiveness Process and Application

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 PPP1 borrowers as detailed below; the PPP2 Forgiveness process has not yet begun:

All Loan Forgiveness applications are being processed through a dedicated online portal that allows for application completion and submission, as well as the ability to upload pertinent supporting documents.
Borrowers with existing 1st Round PPP loans, should have received a message via our Portal inviting them to log in to apply for Forgiveness. If you did NOT receive a message, or have had any issues logging in, please contact your loan officer so that we can resolve any issues at hand.
For borrowers with loans in amounts of $150,000 and under, the Portal allows for the abbreviated procedures and form made available in late 2020 by the SBA.
Though, as detailed below, Forgiveness applications may be submitted any time during the term of the loan, monthly payments will begin in 2021 for PPP1 loans that have not been forgiven; the timing of the first payment will be determined by the loan’s disbursement date.

Please review the following important details regarding PPP loans and the Forgiveness application process:

Borrowers may apply for Forgiveness at any time throughout the term of the loan.
- After forgiveness of any amount of the loan is declined; or
- After 10 months from the end of the loan’s “covered period.”
  - The covered period (the time elected to spend the PPP funds):
    - Is selected by the borrower as 8 or 24 weeks;
    - Began at the time the loan was disbursed; and
    - Must end by December 31, 2020 – only for PPP1
YVB initiated many PPP1 loans that were of a 24-month term, but as the Program changed through the PPP Flexibility Act, new loans began to carry a 60-month term. At the time of a PPP loan’s disbursement, payments were required to be deferred for 6 months, and therefore were set to begin 7 months from the loan’s disbursement date; however:
- YVB has further deferred these payments such that none will come due until the appropriate time as noted above.
- YVB will also further consider the appropriate amortization and term for any loan balance that is not ultimately forgiven; for example, loans may be modified from a 24-month to a 60-month term.
After a complete Forgiveness application is submitted to YVB, including all necessary supporting information, the bank has up to 60 days to review and make an approval decision.
Assuming an approval decision by the bank and following submission to the Small Business Administration, the SBA has up to 90 days to render an approval decision.
Assuming approval by the SBA, the PPP loan would generally be paid in full, including all accrued interest.
- Interest began accruing at 1% at the time the PPP loan was disbursed, and will continue to accrue until paid in full.

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

For the latest updates on the Covid-19 pandemic and health guidelines, please visit the CDC's website.
Scammers are taking advantage of fears and uncertainty surrounding Covid-19. Many emails and websites may promise vital information about the pandemic but are, in fact, scams that push malware or attempts to steal your passwords and personal information. Here are some tips to prevent this from happening to you:
- Don’t open attachments or click on links unless you are 100% sure where they came from. If you aren’t sure, call the person and then click.
- Beware of unemployment scams - click here to visit the Federal Trade Commission's website for guidance on how to deal with unemployment scams
- Be careful about people using calls/voicemail or text message to get your personal information. If someone is calling or texting for personal information or payment information, just say no.
- Look at your credit card statements daily or turn on notifications through your online banking. The amount of fraud is rising dramatically – turn on notifications for all purchases on your cards, set limits and check your statements daily. It’ll take a few minutes a day, but it can save your hours of hassle if they aren’t discovered until later.
- There are some “hot topics” besides coronavirus. The CARES Act/Economic Relief. Shelter-in-place. Toilet paper. Criminals will use these buzzwords to make you want to click.
Click here for additional information from the FTC regarding coronavirus phishing and malware attempts.