05/14/2020: Financial Relief Programs vs. COVID – 19

If you own a business, it’s likely you’ve seen the headlines about financial relief that may be available to companies during the COVID -19 outbreak.

Prospect Bank has developed the REV program* to Revive Economic Viability in our communities and help you with these unprecedented times. This program allows our borrowers relief from loan  payments in order to conserve their cash and pay bills during these times. There are also other government funded loan programs like the PPP Paycheck Protection Program which provide support for payroll, utilities and mortgage interest expenses.  Borrowers should contact a Prospect Bank loan officer if help is needed.

Now more than ever it’s critical for small businesses to go straight to the source for accurate information about what’s happening regarding financial relief programs.  A number of scams have been executed and have taken advantage of small businesses during these trying times.  Remember these helpful tips from Federal Trade Commission to safeguard your business:

  • Scammers often mimic the look and feel of legitimate email. They’ve been known to copy logos of financial institutions and government agencies, including the SBA, and use wording that sounds familiar.
  • Don’t click on links. Say you get an email that says it’s from your bank or a government agency. Don’t click on any links. Now is a good time to keep in close contact with your financial institution, but employ the same established lines of communication you used before COVID-19 became a concern.
  • Be suspicious of unsolicited phone calls. Some scammers may try the personal approach by calling you and impersonating someone from a financial institution or government agency.
  • Watch out for application scams. Some small businesses report they’ve received unsolicited calls or email from people claiming to have an inside track to expedite financial relief.
  • Alert others to Coronavirus relief check scams.

*Application Required. Some restrictions will apply.