CARES Act: Paycheck Protection Program
Information for Small Businesses that Have Been Affected by COVID-19
The Coronavirus Aid Relief and Economic Security (CARES) Act provides one of the largest stimulus aid packages to individuals and businesses in the nation’s history. The CARES Act includes the Paycheck Protection Program (PPP), a $349 billion business loan program that offers relief measures to small businesses, primarily to keep employees on payroll and cover other stipulated business expenses. On Friday, April 24, new legislation was signed into law that provides an additional $310 billion into PPP.
Over the length of the program, Security Bank, now American Momentum Bank approved over 1,505 applications representing $268.6 million of PPP loans. As many of our clients approach the conclusion of their covered period forgiveness terms, we are entering the forgiveness request phase of the program.
PPP Loan Forgiveness
- Overview of the PPP Application Portal - 8-10-20
- How to Submit a PPP Loan Forgiveness Request - 7-13-20
Banking Center Safety Meaures
At American Momentum Bank, the health and safety of our employees, clients and communities we serve are of the utmost importance to us. We continue to monitor the coronavirus (COVID-19) situation closely and look to the Centers for Disease Control Prevention (CDC) for guidance.
Temporary change to Savings and Liquid CD Money Market Accounts
In response to the COVID-19 pandemic, the Bank will waive all excessive transaction fees on Savings and Liquid CD Money Market accounts from May 1, 2020, to July 31, 2020.
Banking Center Lobbies
Our banking center lobbies are now open. In order to maintain a safe and healthy environment for our clients and Bank associates, we are taking the following safety measures inside our banking center lobbies:
Social Distancing - We ask that you please practice social distancing of at least six feet from others.
Face Masks – As requred by state governance, all clients and bank associates must wear a mask in our banking centers. However, we may ask that you remove it temporarily for identification purposes.
Plexiglass Shields – We have implemented the use of shields at our teller windows for your protection.
Sanitation Measures – We are regularly sanitizing common areas and have implemented the use of cleaning materials recommended by the CDC. You will also find hand sanitizer for your use.
We apologize for the inconvenience. If you are uncomfortable with any of our safety measures, please feel free to utilize our drive-thru services.
Additional Ways We Continue to Serve You
In addition to utilizing our drive-thrus, you will continue to have access to your accounts through the following methods:
Online Banking: Our online banking platform is available to you 24-hours a day and offers a full suite of services for all account types. Here, you can view account balances and activity, pay bills, trasfer funds, and set up and monitor account alerts.
Mobile Banking and Mobile Deposit: Mobile banking and mobile deposit are also available via our mobile app.
Remote Deposit Capture: Designed with our business clients in mind, Remote Deposit Capture enables you to deposit checks whenever you choose, and from any location.
Drive-thru Service: A number of our locations also offer drive-thru services, which are an excellent way to visit your local branch while limiting contact with others. To find a drive-thru near you, click here.
For assistance with Online Banking, Mobile Deposit or Remote Deposit enrollment, please give us a call at 888.303.8298 or use the Contact Us form.
Information on Potential Scams
In times of panic and uncertainty, scammers are looking for any opportunity to take advantage of well-intentioned people and perpetrate financial crimes. Please keep your guard up and use extra caution when receiving suspicious emails, text messages and phone calls. Be sure to verify the authenticity of any unsolicited communication you receive and never share your personal information with an unknown party.
Security Bank Acquired by American Momentum Bank