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Coronavirus Update

See below for more information

Coronavirus (COVID-19) Updates

Be sure to check back often for both security and general financial information due to the impact from Coronavirus.

General Information

Relief for Iowa Small Businesses Affected by Coronavirus (COVID-19)

We believe one of the best things we can do as your financial partner is to reach out to our clients and communicate what options may be available in terms of financial assistance during difficult times.
Below are approved relief programs currently in place along with general guidelines for applying for each program.

Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL)

SBA Economic Injury Disaster Loans are working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
Economic Injury Disaster Loan (EIDL):
  • Working Capital Loans up to $2 million for small businesses experiencing business disruption
  • Apply directly from SBA at: https://disasterloan.sba.gov/ela/
  • SBA encourages businesses to apply ASAP as there is no fee and no obligation if offered
  • The EIDL Program is directly through SBA and does not go through a private bank or Certified Development Company (CDC)

Iowa Small Business Relief Program

On March 23, Governor Reynolds announced the launch of a new Iowa Small Business Relief Program to provide financial assistance to small businesses economically impacted by the COVID-19 pandemic. The program offers grants ranging from $5,000-$25,000, in addition to offering a deferral of sales, use or withholding taxes due, and waiver of penalty and interest to eligible businesses. 
  • Iowa Small Business Grants
    • Program offers eligible small businesses experiencing business disruption grants ranging from $5,000-$25,000
    • Must have a physical location in Iowa
    • The program is not first-come, first-serve; each application received will be reviewed
  • Iowa Business Tax Deferral
    • Offers Iowa businesses a deferral of sales and use or withholding taxes due and waiver of penalty and interest
    • Must have a physical location in Iowa
    • The Iowa Department of Revenue (IDR) will review each application
  • Application for Iowa Small Business Grants and/or Business Tax Deferral deadline is Tuesday, March 31 at 12 p.m. (noon)

It should be noted that while Two Rivers Bank & Trust is willing to assist customers when appropriate, these programs and relief options are administered by third parties (I.e., SBA) and Two Rivers is not associated with the application or approval process.

There will likely be additional options that will become available and we will pass that information along as we get it.

We will continue to update our Small Business website page with any new information, so be sure to check there for more information: https://www.tworivers.bank/resource-center/events/ and follow us on facebook (www.facebook.com/tworiversbank )

 

3/19/2020

We are in this together….

In every city, in every town, a strong neighborhood has purpose. Recognizing a way to brighten a day, lending a helping hand, and creating long-lasting relationships to name a few. It only makes sense that your neighborhood bank has the same values. We are all in this together.

Two Rivers Bank & Trust is prepared to assist our clients facing financial hardship or loss of income as a result of being impacted by COVID-19. We are committed to working with our clients to reduce financial stress during this challenging and uncertain time. All employees who work directly with our clients are trained to assist those who are impacted and will provide the right support to address their unique personal needs. Assistance will be on a case-by-case basis, so please reach out to us directly at 888-226-6063 to discuss the best options for meeting your needs.

We are thankful to be a part of your neighborhood, and we appreciate the trust you put in us as your financial partner.

Security Information

3/30/2020

Warning: Scammers and Relief Checks

The United States Treasury Department could start issuing relief checks to American families as soon as next month.

As we wait for word on how this will all work – we have a warning. Scammers are already using the relief money to find new ways to trick you into giving it to them.

If you receive a text, e-mail or even a phone call from someone claiming to be from the government with a check for you. BEWARE.

People are already reporting this. These fake messages will claim to be able to deposit $1,000 or more directly into your bank account and will likely ask for your banking information. Do not, under any circumstance, give away your personal information via text, e-mail, or phone.

 

3/25/2020

Keep You or Your Business Secure during COVID-19

In the past weeks, COVID-19 (“Coronavirus”) has affected nearly every aspect of day-to-day life. To combat the pandemic, businesses have already taken many steps. Most have needed to work toward constant cleanliness and reassure customers through email. The travel industry has offered incentives for customers to keep traveling, while constantly providing updates on the virus. Business emails, news programs, social media and even grocery store small talk cannot avoid the topic. As such, people around the world have given and received information and advice on almost every facet of the virus, from preventative measures and latest cancellations to the status of toilet paper at Costco.

Sometimes it seems as if there is as much misinformation as there is information. While most of us do our best to filter through the advice they find helpful or ludicrous, that general sense of public unease and concern offers an opportunity for scammers to shine.

The Virus of Coronavirus Scams

Scammers are opportunistic. They feed on panic and fear. For instance, scams flourish right after natural disasters (e.g., hurricanes, earthquakes) and scammers will pull on victims’ heart strings to encourage them to donate to a “worthy cause.” In reality, that money does not support victims, but rather the scammers and their network. Scammers command a sense of urgency and panic to extort money from countless individuals.

Common COVID-19 Cons

Scammers host an arsenal of fraud tactics during times like these, but here are a few common cons that you should be aware of:

  • Fraudsters might claim a relative or friend is stuck in a foreign country and can only get home if one immediately wires funds to a random bank account. According to the fraudulent claim, without those funds the person will be incarcerated in a foreign prison.
  • Similarly, another common scam supposedly places victims on a list “leading to incarceration,” e.g. a bogus FBI or IRS list. It should come as no surprise that paying fees will get that victim off the list. Financial crime experts could fill libraries with scams they have encountered and victims that have been harmed.
  • In addition, there are likely shell companies already created with agents telling potential victims that they are working to find a virus cure and are just waiting on FDA approval or something similar that sounds “official.” They claim that a person can get in on the ground floor and invest with these companies. From there, the company would send some restricted stock to make the person wealthy. Really, they are probably orchestrating a Ponzi scheme or boiler room and perpetrating fraud
  • Fraudsters might utilize popular brands to send alerts or emails to individuals. These emails will include links and logos that will look legitimate, encouraging you to enter in personal information such as usernames and passwords. In reality, this screen is allowing fraudsters to collect this information.