Update on SBA Loans

Posted on

Friday, April 17, 2020

Dear Customers and Friends,

After another week of disciplined adherence to the shelter in place practices, it appears that our efforts are working to stem the spread of COVID-19 in our communities and that, hopefully, we can return to usual operations soon. Our banking team has gone above and beyond to take care of your banking needs, especially the needs of small businesses through the SBA Paycheck Protection Program. Please call us if we can be of assistance and remember that our drive-up facilities are open, our Richmond Hill office is offering curb service and our digital and online banking tools are accessible to assist you.

We have processed 180 applications for SBA Paycheck Protection loans totaling over $24 million. Approximately half of this amount has been funded and the remainder will be funded next week. These funds will help to preserve income for over 3,100 of our friends and neighbors, plus their families, in the coming weeks.

The initial $349 billion allocation to this program from the US Treasury has been fully committed to small businesses across the country by approximately 4,900 lenders. Truly, the banking industry has stepped up to support our economy. Until additional funds are allocated by Congress, SBA cannot process additional applications. However, we expect additional allocation soon. Qualified small businesses and self-employed individuals should submit applications to us. We will process the applications to be ready to submit to SBA as soon as possible. The application package is accessible on our website at www.citizensga.com.

We are also receiving direct Economic Impact Payments from the US Treasury daily as direct deposits to individual accounts. Please check your account activity and balance. You can verify the status of your payment or set up/modify direct deposit information for your payment at www.irs.gov. Click on the Get My Payment link.

Thank you again for your confidence. We are honored to be your Bank of Choice.

Best regards,

G. Mike Odom, Jr.

Chief Executive Officer