At Security Federal, the health and financial well-being of our customers, employees, and communities is our top priority. As your financial institution, we are committed to assisting you through any disruptions that may arise as a result of COVID- 19. If you have experienced financial hardship, please reach out to your relationship manager, request an appointment or contact us at 1-803-641-3000 so we can help.
Resources Available at Security Federal Bank:
Fee waivers or deferred loan payment assistance
- Contact your banker or call 1-803-641-3000 to request
Paycheck Protection Program
The Paycheck Protection Program ("PPP") was a program to provide loans to those businesses impacted by COVID-19. The PPP authorized up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. The SBA's loan application window is now closed (closed on August 8, 2020); therefore, we are no longer accepting additional applications.
PPP Loan Forgiveness
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. The loan forgiveness form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:
- Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
- Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the 24-week period after receiving their PPP loan
- Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
- Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
- Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined
- At least 60% of the loan proceeds must be used for properly documented payroll related purposes.
- The remaining 40% of the proceeds may be used for documented non-payroll related purposes including: Payment of mortgage interest, Rent payments and Utilities.
- Forgiveness Instructions and Applications
We sincerely appreciate the opportunity to assist you with your financial needs and look forward to a continued relationship. If you have any questions related to your PPP loan and the Forgiveness process, please contact your Security Federal Banker with your questions or contact our Customer Service Center at 803-641-3000 and they will connect you with your banker.
Assistance for your Employees – Free Financial Counseling
Security Federal Bank offers free financial counseling for all of your employees. Financial Counselors are available and ready to assist individuals in all of our markets. Counselors can help with a wide variety of personal financial issues such as budgeting, credit score management, debt consolidation, etc. They can also help displaced employees access the available public resources. For further information and to set up an appointment with one of our Counselors, please call our Customer Service Center at (803) 641-3000.
Links to Other Resources
- Disaster Loans
- The U.S. Small Business Administration is offering federal disaster loans for businesses, private non-profits, homeowners and renters. Information about the different programs available can be found at the link below:
- Economic Injury Disaster Loan
- The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses in all 50 states and territories. The loans are for businesses suffering economic injury as a result of the Coronavirus (COVID-19). A few key elements of the loans include:
- Eligible entities may qualify for loans up to $2 million
- Interest rate of 3.75% for small businesses and 2.75% for non-profit organizations
- Long-term repayment options (up to 30 years)
- Religious and Charitable Organizations are not eligible
Small Business Development Centers
Small Business Development Centers are located throughout South Carolina and Georgia. Representatives are available to help with SBA Disaster Recovery Loan applications or other needs.
South Carolina Centers: https://www.scsbdc.com/
Georgia Centers: https://www.georgiasbdc.org/
South Carolina Departments of Commerce
The South Carolina Department of Commerce, through the Emergency Support Function (ESF) 24, is actively engaged in supporting the business community for impacts of the coronavirus (COVID-19) and is available to answer non-medical questions related to industry support.
The Department of Treasury has released some helpful information for lenders and borrowers, as well as the loan application. You can access that information at https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses.