03/31/2020: Coronavirus Update – March 31, 2020

March 31, 2020 Update

Visit our coronavirus page for information about using remote banking tools. 

Update to Available Business Assistance Programs

For information about all consumer and business assistance programs visit our COVID-19 assistance page

Mars Bank Commercial and Small Business Assistance
  • Loan assistance with no credit bureau impact:
    • 90-day interest-only payment options

    • Payment deferral options

  • Temporary suspension of late fees through April 15; fees may be waived or refunded upon request for customers facing financial hardship during the assistance period
  • Emergency loans for working capital necessary to sustain business during this crisis (subject to credit approval)

Please contact your commercial banking officer or call 724-625-1555 ext. 250 to discuss your situation.

Federal Programs

The CARES Act was signed into law Friday. While many of the details are still being worked out, there are multiple loan programs contained in the legislation.

Paycheck Protection Program (PPP)

$367 billion was appropriated by Congress for the Paycheck Protection Program (PPP). The PPP is aimed at helping small businesses with fewer than 500 employees who have been severely impacted by Coronavirus.  These loans will be made available via the U.S. Small Business Administration (SBA) funded directly through financial institutions such as Mars Bank.  The PPP program is not yet active. However, we are staying abreast of its roll out. Contact us to discuss your situation and go over suggested documents for you to gather in preparation. Once the application process is active, we will contact you.

Economic Injury Disaster Loans and Loan Advance

We also know loans will be made available via the Small Business Administration (SBA) including disaster relief and working capital loans. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Companies may apply directly through the SBA via this link: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources#section-header-2.

State Program Assistance

The Commonwealth of Pennsylvania has developed a program to help small businesses with fewer than 100 employees.  It will be administered by the Pennsylvania Industrial Development Authority (PIDA).  It provides working capital financing to small businesses located within the Commonwealth that are adversely impacted by COVID-19.  The program offers loans at a maximum of $100,000 to qualified businesses.  Loan terms are three years with a 12-year amortization with no payments due during the first year.  See https://dced.pa.gov/programs/covid-19-working-capital-access-program-cwca/ for more details surrounding the program and related guidelines.  To apply for the grants, businesses must contact a local certified economic development organization.  See https://dced.pa.gov/CEDO/ for a listing of certified organizations near you.

Please contact your commercial banking officer or call 724-625-1555 ext. 250 to discuss your situation.

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Lost ATM/Debit Card

To Report a Lost or Stolen ATM Card or Mars Bank Debit/Check Card, Please call: 1-800-472-3272. Protect your debit card with Card Valet.

Lost Credit Card

To Report a Lost or Stolen Mars Bank Credit Card, Please call: 1-800-883-0131.

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