BofGB to Implement Digital Portal to Submit PPP Loan Forgiveness Applications
The Small Business Administration (SBA) has released the Paycheck Protection Program (PPP) loan forgiveness application. The Bank of Glen Burnie is currently developing a secure, digital portal that customers will use to apply for PPP loan forgiveness. This portal will streamline the process our PPP loan customers will follow to complete and submit the loan forgiveness application electronically. The loan forgiveness application in the portal will be pre-filled with information from PPP loan applications, reducing the time required to complete the application.
We anticipate the portal will be available to customers by early June, prior to the time PPP loans become eligible for forgiveness. All PPP loan customers will receive an email notification (to the email address provided with the loan application) when the portal is available which will provide the portal link and access instructions. Information about the portal, the link, and access instructions will also be posted to our website once they are available.
Please use our website as a resource for the most up-to-date information about the PPP loan forgiveness process.
Learn More About the CARES Act at treasury.gov.cares
Learn More About the Small Business Paycheck Protection Program
Updated Information About Consumer Installment Loan Payment Deferrals
Customers impacted by COVID-19 may request a one-time payment deferral on CONSUMER INSTALLMENT LOANS (vehicles, boats, unsecured personal loans) for their May payment.
PLEASE NOTE THAT CUSTOMERS WHO PREVIOUSLY REQUESTED A DEFERRAL FOR THEIR APRIL PAYMENT CANNOT SUBMIT A SECOND REQUEST FOR THE MAY PAYMENT.
At the time of request, the loan must be current and up-to-date. (including the April payment)
To request a deferral, please sign and return the Pandemic Loan Payment Deferral Agreement. This agreement must be signed by all borrowers on the loan. Signed agreements can be returned via mail, fax or email following the instructions listed on the agreement.
- ONLY CONSUMER INSTALLMENT LOANS are eligible. Mortgages, commercial loans, and lines of credit are not eligible for this program.
- Loan must be CURRENT and up-to-date, including the April payment.
- AUTOMATIC LOAN PAYMENT CUSTOMERS should contact our Loan Operations Department (410-689-0091) prior to returning the deferral agreement.
- At this time, customers may request a deferral for their MAY loan payment.
- The DEFERRED PAYMENT will be added to the end of the loan which means the maturity will be 30 days later than originally stated in loan documents. All other terms and conditions of the original agreement remain in force.
- INTEREST and OTHER CHARGES will continue to ACCRUE on the loan balance even during the skipped month selected. This may INCREASE the amount of the final payment.
- LATE FEES will be WAIVED on the deferred payment and the loan will be reported as “current” until the following due date.
- The agreement must be returned with legal signatures of ALL original note signers PRIOR to participation. Failure to do so means that late fees and negative information reported would go on as normal.
Important Information Regarding Changes to Lobby Access Effective 3/19/2020
We are committed to servicing our customers safely and effectively. As a result of COVID-19, businesses across the U.S. are modifying operations in an effort to continue to safely serve customers while also adhering to guidance offered by the CDC and various local, state and federal health officials to practice social distancing in public places. Public health officials have stressed that limiting human interaction in the early weeks of the COVID-19 outbreak is crucial to slowing the spread. Banks nationwide are taking proactive steps to protect employees and customers by making the difficult decision to close branch lobbies as part of efforts to reduce the spread of COVID-19.
Effective Thursday, March 19, 2020, The Bank of Glen Burnie will begin temporarily servicing customers via the drive-up window to support this public health effort. The Bank of Glen Burnie will close our lobbies in all branches and they will remain closed until further notice. We will offer lobby service by appointment only for customers who require Safe Deposit Box access or assistance that requires an “in-person” visit.
Our hours of operation will remain unchanged. We encourage you to take advantage of Online and Mobile Banking, ATMs, telephone banking and night-depository services. These options are available to customers as an alternative means of conducting transactions 24 hours a day, 7 days a week.
Please use the following telephone number to schedule a lobby appointment:
Glen Burnie – 410-768-8852
Odenton – 410-674-2200
Riviera Beach – 410-437-2070
Crownsville – 410-923-2200
Severn – 410-551-2100
New Cut – 410-766-5343
Linthicum – 410-487-8500
Severna Park – 410-544-0270
We believe these are the appropriate precautionary steps to maintain essential access to critical financial services, while at the same time helping prevent the spread of the virus. Doing so, supports the well-being of our customers, employees and our community. We will continue to monitor the situation and may adjust access as warranted.
Thank you for your understanding as we work together to do our part to help slow the spread of COVID-19 in our community.
A Message to our Customers About COVID-19