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IRA Updates - SECURE Act & CARES Act (Updated 4/2/20)

Due to the recently passed legislation of the SECURE Act 2019 and the CARES Act, Bank of Pontiac wants to ensure that you are aware of how these changes may impact you and your IRA. We encourage you to speak to your tax adviser regarding the details of these changes and how they may pertain to you.  Please read the following info:  SECURE Act 2019, CARES Act Overview, and CARES Act FAQs.  Please contact us at 815-844-6155 if you have account specific questions.

SMALL BUSINESS LOANS (Updated 3/30/20)

Late last week, the Federal Government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This $2 trillion relief package covered a number of areas, with $350 billion specifically set aside to help businesses like yours.

The United States Small Business Administration (SBA) has not yet published guidance or established the process for businesses to apply for loans or relief. While we are waiting for specific guidance from the SBA, we want to make sure you have the information we know at this time so you can begin your path forward. Please keep in mind that these are general guidelines and subject to final rule-making and eligibility requirements from the SBA.


  • Bank of Pontiac is an approved lender.
  • To qualify, companies and nonprofits must have fewer than 500 total employees, including all affiliates, subsidiaries and companies under common ownership. Certain exceptions apply for small businesses in the food service sector, franchises and SBIC-financed businesses.
  • You can apply for both an Economic Injury Disaster Loan (through the SBA) and a Payroll Protection Program Loan, but there may be no duplication in the use of funds.
  • The maximum loan amount is 2.5 times your monthly payroll, up to $10 million, with a maximum interest rate of 4%.
  • A portion of the loan can be forgiven. Subject to certain restrictions, the portion of the loan eligible for forgiveness can include payments made during an eight-week period following your loan funding (the eight weeks cannot go beyond June 30, 2020) for the following: payroll and benefits, interest payments on mortgages, rent payments, health insurance, and utility payments.
  • These will be unsecured loans that do not require personal guarantees.
  • You may be able to defer payments up to 12 months.


  • Identify and compile records for those expenses that can be covered by the program.
  • If you’ve already had to reduce your workforce due to COVID-19, determine if you would like to rehire them.  They will be covered.
  • Collect the documentation you typically need for a loan application:
    • Financial statements – Interim 2020 income statement and balance sheet and full year 2019 income statement and balance sheet
    • Tax Returns – last three (3) years of federal returns for business
    • 2019 payroll information
    • 2020 YTD payroll information
    • Current organizational documents – Bylaws, articles and operating agreements
    • General liability insurance information
    • Current building lease & any amendments

Watch for updates.  The SBA will provide processes and forms as this week progresses.



As we continue to monitor the COVID-19 outbreak, the safety and good health of our employees, customers, and the communities we serve is of utmost importance.  Bank management is following the direction provided by the Centers for Disease Control, the World Health Organization, and state and local agencies as new information is released.

In order to provide a healthy banking experience for our employees, customers, and communities, we will close our lobbies to the general public beginning on Wednesday, March 18 until further notice.  Lobby access will be available by appointment for new accounts, loan assistance, or any other bank services.  Drive-up facilities at all branch locations will remain open and fully functional during normal business hours

If you aren’t already using Online or Mobile Banking, we invite you to consider these services which will allow you to check account balances, view account history, transfer funds, pay bills, deposit checks, and view electronic statements.  We also encourage you to use our night drops for deposits or payments, TeleBank24 for account information, or one of our conveniently-located ATMs.

Thank you for your patience and understanding. 

At Bank of Pontiac, we believe that “Together We’re Better”.



At Bank of Pontiac, our employees, customers and community welfare are important to us. As the coronavirus (COVID-19) continues to disrupt life in parts of the United States, we feel it is critical to let you know about the proactive steps Bank of Pontiac is taking to keep our employees/customers safe and share information with you to help protect yourself.

  • All public spaces within Bank of Pontiac’s facilities are being cleaned regularly.
  • Employees have been provided with information on how to stay healthy and how to avoid illness through proper hygiene practices. Employees are instructed to stay home when they are not feeling well.
  • We have assembled a cross-functional team to meet frequently to review, monitor and adjust operations as the situation changes to ensure continuation of critical business functions.

For customers, we recommend the following:

  • We encourage you to use Bank of Pontiac’s Online and Mobile Banking services for your everyday banking needs. You can check account balances, view account history, transfer funds, pay bills, deposit checks and locate our ATMs.
  • If you are not feeling well, we encourage you to avoid unnecessary trips to the bank. If you need assistance with a banking issue, please call us Toll Free at 855-844-6151
  • As you conduct transactions at ATMs, at payment terminals (using your payment cards) or when using cash, it is recommended that you should avoid touching your face (eyes/nose/mouth) after completing a transaction and wash your hands or use hand sanitizer as you would after being in any public space. Sanitize your payment cards and mobile phone regularly.
  • Beware of scams and criminals using fear/intimidation, trickery, urgency or disinformation related to the coronavirus (COVID-19) to attempt to steal your sensitive, personal or account information. Watch out for strange calls, emails, texts or websites that look like they are coming from legitimate businesses or government agencies asking for information like SSN, usernames/passwords (login info), account numbers, credit or debit card numbers, PINs, etc. Bank of Pontiac will never request such information through email/text/outbound calls. Always check your account statements for official websites and customer service numbers and call those numbers directly rather than giving out information over the phone/email/text.

More on this:

Bank of Pontiac continues to monitor the situation using information from trusted sources including the Center for Disease Control (CDC), the World Health Organizations (WHO), banking agencies/regulators and state/local health agencies.

Please call Bank of Pontiac Toll Free at 855-844-6151 with any banking questions or if you need assistance with specific banking activities.

As always, thank you for your trust in Bank of Pontiac!