Our lobbies have officially reopened! Both our Steamboat Springs and Craig locations have resumed normal lobby hours. We will continue providing services by appointment for non-teller services, and encourage customers to contact us to schedule an appointment.
In order to ensure the health and wellness of our customers and staff, we are taking the following steps in our buildings:
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. Below is some 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.
Payroll Protection Program (PPP) Loans, a component of the CARES Act, remain available through certified SBA lender banks, including YVB, until August 8, 2020, or until funds have been exhausted. PPP Loans are 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 current environment. As a component of this loan, a borrower may apply for a loan 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. These loans will be guaranteed by the SBA, but the bank will take and process your application, and provide loan funds. For much more information, visit the U.S. Department of Treasury info page.
There have been a significant number of changes to this program since it was originally released. Following is a summary of changes as of June 5, 2020, though changes continue to be instituted:
PPP Loan Application
When applying with YVB for a PPP Loan, the following will need to be included for processing to begin:
After having received PPP Loan funds from YVB, and spent them in a manner consistent with the program’s requirements, you may apply for forgiveness of those expenditures.
Though there are updated documents, such as the Forgiveness Application Form and Forgiveness Application EZ Form along with all applicable instructions, available on the Treasury website, YVB will be utilizing an online portal to assist borrowers in applying for forgiveness. This portal, and therefore YVB’s ability to process Forgiveness Applications, is not yet in place. We anticipate that this secure portal will be populated with much of the information related to your application, and will allow you to easily calculate and provide the remainder of the necessary information electronically, including the ability to upload supporting documents. This portal should be available in the near future - all YVB PPP borrowers will be notified when it is available.
The following are additional links to forms and information related to PPP Loans:
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 requires the SBA to make payments for borrowers, for a six month period and encourages banks to defer payments on these loans.
Please contact your YVB Loan Officer with any questions that you may have.
Other Resources Related to Covid-19