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Our Response to COVID-19

August 28, 2020

Important Paycheck Protection Program (PPP) Loan Forgiveness Information

Royal Bank is one of the top community banks in the area providing PPP loans. We are proud to share that the bank closed over 500 PPP loans totaling over $23 million to businesses, farmers, and self-employed individuals in central and southwest Wisconsin during the COVID-19 pandemic.  

As you may know, the PPP loan may be partially or entirely forgiven and forgiveness is not automatic.

You can now apply to have your PPP loan forgiven.

Click Here to access our PPP Loan Forgiveness Checklist that walks you through the application process and outlines the documents to submit to your Royal Bank loan officer in order to be considered for PPP loan forgiveness.

The deadline to apply for forgiveness is 10 months after the end of the covered period of time.

However, you can apply any time before that deadline.

Although legislation has been introduced to provide for some method of automatic or expedited forgiveness of smaller PPP loans, this new legislation has not been enacted as of this date.

Please contact your Royal Bank loan officer with questions or to submit the application material.

 

Royal Bank PPP Loan Forgiveness Checklist

PPP Forgiveness Application Forms:
Form 3508 (printable)
Form 3508EZ (printable)
 
Form 3508 (calculating)
Form 3508EZ (calculating)

 


Be Cautious of Imposter Fraud and Covid Scams

Please know that Royal Bank will never call or email you to ask for personal identifying information like credit or debit card numbers, usernames and passwords and social security numbers. If something looks suspicious, contact the bank at a number or email you know is legitimate before providing any information.

One thing we know about scammers is that they follow the headlines, so it’s not surprising that we’ve seen so many Coronavirus-related scams recently. From scammers selling fake COVID-19 cures and treatments to people posing as government officials offering Coronavirus stimulus checks — nothing seems to be off-limits.

Additionally, scammers love to use the same old tricks in new ways. One of their favorites is to pose as a business, like a bank, to pressure you into sending them money or personal information. Scammers want you to call the number they give so they can ask for your passwords, credit card number, and other sensitive information to get your money. If you get a call like this, there are a few steps you should take: 

  • Hang up. Don’t call them back on the number they gave you. If you’re concerned about an order you didn’t place, or curious about a prize they claim you've won, contact the business through a phone number or email you know is legitimate.
  • Report the fake call to the business. Make sure to use the contact information from their website – not the information from the phone call.

If you gave information to a business imposter, head to IdentityTheft.gov for tips to protect yourself. To learn more about imposter scams, visit the FTC’s Imposter Scams page.

https://www.consumer.ftc.gov/blog/2020/07/keep-calm-and-avoid-coronavirus-scams

 


June 10, 2020

Royal Bank Lenders Can Help Small Businesses Access Covid-19 Relief Funds from WEDC

In cooperation with the state’s We’re All In Small Business Grant program, Royal Bank lenders can help small businesses access Covid-19 Relief Funds from Wisconsin Economic Development Corporation (WEDC). Designed to help businesses with fewer than 20 employees, the program will provide $2,500 grants to 30,000 small businesses. These funds provide lifeline for small businesses which may not qualify for a PPP loan or other relief funds.

One of the criteria listed on the grant application is a letter or email of acknowledgement indicating the applicant business was in operation in February 2020. Royal Bank qualifies to provide this acknowledgement for this requirement for our business customers. The application window to submit a request for this grant is June 15-21, 2020. Contact us today to request a letter for your business.


May 26, 2020

Royal Bank lobbies are open

Royal Bank lobbies are now open for in-person banking. Offices are taking additional measures to ensure your safety and ours. Feel free to visit us inside or continue to use our drive-up facility, call your local office or use our telephone, online and mobile banking services.
 


May 6, 2020

Important Debt Forgiveness Information for Businesses and Individuals that received an SBA PPP loan

While the Small Business Administration (SBA) works to release final guidance regarding debt forgiveness requirements, the Wisconsin Bankers Association (WBA) has taken available information from legislation, the interim rules and SBA FAQs issued to-date to produce a guide and worksheet that individuals and businesses may find useful.

Click Here to view this guide and worksheet from the WBA.

Please note that the process and required documentation to be submitted to lenders in order for borrowers to be considered for debt forgiveness at the end of the 8-week period after the PPP loan was made is subject to change at any time with additional guidance and rules issued by the SBA.

Once the SBA issues final guidance on the process and documentation required for debt forgiveness, Royal Bank will post our specific requirements on this page. Be sure to check back often for the latest information.
 


April 16, 2020

Our Response to Businesses Affected by COVID-19 

As recently announced by the Small Business Administration (SBA), congressionally approved funds for the Paycheck Protection Program (PPP) have been exhausted as of today. Additionally, the agency reported that it will be “unable to maintain a queue for PPP applications” and they will no longer accept applications from lenders to make PPP loans available.

Royal Bank has been in contact with representatives at the state and national levels, urging officials to provide additional funding for this program. We remain hopeful that an additional appropriation is imminent and will work closely with our small business community if funding resumes.

Wisconsin bankers have been working non-stop to provide their small business customers with access to the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) loans. Those efforts have paid off as Wisconsin is ranked 10th in the nation in loan applications approved and dollars approved under the program, according to the latest SBA numbers.

With the fast response of our lending team, Royal Bank has been able to secure approvals from SBA for over $21 million to 334 small businesses, self-employed entrepreneurs, cooperatives and farmers in our local communities.

We at Royal Bank are committed to working with our small business community through this challenging time. If you are a small business owner and have questions about this program, you are encouraged to reach out to your Royal Bank loan officer to discuss options.

 


April 15, 2020

Traffic to our Online and Mobile Banking services has increased dramatically as customers await incoming deposits, intermittently impacting the ability to access these tools. Below are some additional tools to conveniently access your accounts:

 


April 3, 2020
(see important update from April 16th)

Our Response to Businesses Affected by COVID-19

Small businesses are a vital part of keeping our communities strong. Royal Bank is committed to identifying opportunities that will help our local businesses navigate the current financial environment and remain resilient through this event.  In short, we’re here for you to help our businesses get through this time.

Congress recently passed the Coronavirus Aid, Relief and Economic Security (CARES) Act that could have a significant impact on assisting your small business. These programs are being administered through the US Small Business Administration (SBA) and all information is subject to change per interpretation by the SBA. 

Programs are available to give small businesses that have fewer than 500 employees and have experienced temporary loss of revenue due to COVID-19. This includes small businesses, self-employed, sole proprietorships, independent contractors, non-profits, cooperative and employee businesses, and tribal small businesses.

 

Print our Fact Sheet and review details of these programs below:

 

Paycheck Protection Program

Economic Injury Disaster Loan (EIDL) Program

BASIC OVERVIEW

Provides cash-flow assistance from SBA through Royal Bank  loans to employers who maintain their payroll during the COVID-19 emergency.

Lower interest loans of up to $2 million that are available to pay for expenses that could have been met had the COVID-19 disaster not occurred, including payroll and other operating expenses.

SPECIAL ADVANCE? None Up to $10,000 advance, that does not have to be repaid

WHO MAKES THE LOAN?

Royal Bank

Small Business Administration

HOW MUCH CAN I APPLY FOR?

2 ½ times payroll expenses (based on salary, wages, commissions, tips, benefits and taxes; capped at $100,000 per employee)

Up to $2 million

WHAT’S THE INTEREST RATE?

Fixed 1% annual percentage rate

Up to 3.75% annual percentage rate

WHAT’S THE TERM LENGTH?

Up to 2-year term and deferred payment for first 6 months

Up to 30-year term

PROGRAM FORGIVENESS

Up to 100% forgiveness, provided borrower meets SBA requirements for employee retention and loan usage

Up to $10,000 of original advance is forgiven

Remainder of the loan must be repaid

ADDITIONAL INFORMATION

No collateral or personal guarantees required

No fees or prepayment penalties

Apply as quickly as possible as there is a funding cap

Collateral is required

Personal guarantees are required

WHEN CAN I APPLY?

Starting Friday, April 3, 2020: small businesses and sole proprietorships

Starting April 10, 2020: independent contractors and self-employed individuals

Now

HOW DO I APPLY?

(as of 4/16/2020 funds have been exhausted for this program)

1. Click here for specific information needed to apply (see page 2)

2. Download, complete and print the PPP application

3. Bring completed materials to any Royal Bank location by drive-up or night drop; or fax or securely email your Royal Bank loan officer.

(as of 4/16/2020 funds have been exhausted for this program)

Apply directly through SBA

There are some restrictions about using both programs together. The information provided is subject to the requirements outlined in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Sections 1102 and 1106. 

We will continue to closely monitor this and other programs being announced for small businesses and are here to help. Contact your local Royal Bank office or loan officer to let them know your situation and we’ll be in touch with how we may be able to help as details are released.

 


March 30, 2020

Small Businesses Support

Small businesses are a vital part of keeping our communities strong. Royal Bank is committed to identifying opportunities that will help our local businesses navigate the current financial environment and remain resilient through this event.

Congress recently passed the Coronavirus Aid, Relief and Economic Security (CARES) Act that could have a significant impact on assisting your small business. These programs are being administered through the US Small Business Administration (SBA) and details are still being finalized. We will continue to update our webpage with details and lenders will be equipped to assist you as new announcements are released. Please contact your local Royal Bank office or loan officer to let them know your situation and we’ll be in touch with how we may be able to help as details are released.

 


Be Aware of Scammers

Especially during times of heightened attention and uncertainty, scammers tend to take full advantage of the situation. Before you respond to a promotion, a plea for help or someone demanding payment or personally identifying information, use caution and be vigilant in asking questions to authenticate the organization or person contacting you.  

Things to keep in mind:

What kinds of scams are out there?

Scammers try to change up their tactics, but some new ones that have emerged from this global event include:

What should I do?

The following tips will help you stay on top of potential fraud or scams.

Check your accounts frequently. Routinely monitor debit and credit card statements or online banking accounts for unknown purchases. Contact the bank or your credit card company for any item that looks suspicious.  

Enroll in Visa Purchase Alerts. If you have a Royal Bank Visa Debit card, be sure to sign up for Visa Purchase Alerts to receive alerts by text or email when purchases are made on your Royal Bank Visa debit card. Visit https://usa.visa.com/ and search “purchase alerts” to get started.

Keep it to yourself. To prevent and limit the damages of identity theft, avoid giving out personal information unnecessarily. Some organizations, such as tax preparers, the bank and medical offices have legitimate needs to see personal information. Be especially watchful of any transactions that require you to share your social security number, birth date, or other personal information.

Shred personal information. Securely shred receipts, credit card offers, account statements and expired debit cards to prevent “dumpster divers” from getting your personal information.

 


March 27, 2020

Per Governor Evers’ official Safer at Home order, please know that Royal Bank is considered an essential business and will remain open with adjustments.

We understand that right now is very uncertain for many people. As a community bank, we have the flexibility and understanding to be your community partner and will work with you however we can. Royal Bank has a strong foundation, is stable and is prepared to respond to this fast-changing event. We are well-positioned with our resources and our employees are dedicated to being here for the benefit of our customers and communities. The response of our team has been truly incredible.

In short, we're here to help. As your local community bank, supporting our customers is at the core of who we are.

We anticipate this adjustment in services to be in place until the virus is considered contained and will take all prudent actions to meet our responsibilities to you while keeping our workplace safe. It is our goal to make this as smooth of an adjustment time as possible.

We will continue to update our website with the latest developments at www.royalbank-usa.com. If you have any additional questions, please reach out to me or your local office.

Thank you,

Daniel J. Ravenscroft
President & CEO
Royal Bank
 


March 24, 2020

Per Governor Evers official Safer at Home order, please know that Royal Bank is considered an essential business and will remain open with adjustments.

Our employees are dedicated to being here for the benefit of our customers and communities while keeping safety and customer accessibility in mind. The response of our team has been truly incredible.

It is our goal to make this as smooth of an adjustment time as possible. You can still visit us through the drive-up, call us or set up a meeting by appointment with your lender or to open an account. You can also access our online, mobile and telephone banking products anytime. We're here to help.

 


March 20, 2020

We understand that right now is very uncertain for many people. As a community bank, we have the flexibility and understanding to be your community partner and will work with you however we can.

Royal Bank remains stable and prepared to respond to this fast-changing event. We are well-positioned with our resources and plans. As your local community bank, supporting our customers is at the core of who we are.

In short, we're here to help. It is our goal to make this as smooth of an adjustment time as possible. You can still visit us through the drive-up, call us or set up a meeting by appointment with your lender or to open an account. You can also access our online, mobile and telephone banking products anytime.

 


March 17, 2020

With new developments in this fast-changing event, Royal Bank will be adjusting services starting Wednesday, March 18th and handling customer transactions through drive-up facilities and conducting meetings by appointment.

Our offices will remain fully staffed and services are being offered mostly as usual. You can still visit our office through the drive-up, can call us during normal business hours and can set up a meeting by appointment. You can also access our wide-range of online, mobile and telephone banking products anytime.

As a community bank, we have the privilege of working closely with many local businesses and will be proactively communicating with them so they may continue normal banking activities with us.

We anticipate this adjustment in services to be in place until the virus is considered contained. We will continue to update our website with the latest developments.


Online and Mobile Options

With Online Banking and our Mobile Banking app, your account is always with you. Bank anytime with our online and mobile banking options.

Online Banking
Online Banking gives you the control to manage your Royal Bank accounts at your fingertips from a computer or tablet. Check balances, view account activity, transfer funds or pay one-time or recurring bills with ease.

Mobile Banking App & Mobile Check Deposit
A fast, free and secure option for customers enrolled in Royal Bank Online Banking. Download our Mobile Banking app in your phone or tablet’s app store and use your Online Banking login and password to get started. Mobile Deposit, offered through the Mobile Banking app, is an easy way to deposit checks into your checking or savings account when you can’t make it into a bank location.

Mobile Wallet
Royal Bank has partnered with three industry-leading Mobile Wallet providers, Apple Pay, Samsung Pay and Google Pay, to offer flexibility in choosing the device that fits you. A Mobile Wallet allows you to digitally store your Royal Bank Debit and Credit cards securely on your phone, tablet or smart watch.

On Call Telephone Banking
On Call is a free and secure service for customers who want to access real-time bank records anytime, anywhere using a touch-tone phone. Even if you have no interest in technology, you can take advantage of this convenient banking service.

Text Banking
With Royal Bank's free Text Banking service, you can receive up-to-date account information through any mobile phone device that supports text/SMS service. This service allows you to obtain account balances and history for accounts tied to your Royal Bank Online Banking. Standard messaging fees may apply.

Online Home Loan Applications
Apply for a home loan on your schedule with our fast, secure online loan application. Once you begin the loan application process, you have the option to save your progress and come back to it at a later time.

Drive-Thru Lanes
Most of our locations have drive-thru lanes available for added convenience without leaving your vehicle.

ATM Network
Find a surcharge-free ATM near you: www.atmaccess.net

Call Us
Contact any one of our locations to speak with someone directly.

Contact Us


Stay Informed

We encourage you to learn more about COVID-19 and to obtain information from trusted sources including:

Center for Disease Control: https://www.cdc.gov/
Wisconsin Department of Health Services: https://www.dhs.wisconsin.gov/disease/covid-19.htm    
World Health Organization: https://www.who.int/health-topics/coronavirus

 


March 16, 2020

As Coronavirus/COVID-19 is increasingly top of mind, we’ve had some inquiries about the steps we might take in the event that it continues to spread. We are paying particular attention to preventative measures, and it’s mostly business as usual.

Our 19 office locations remain open and access to our network of surcharge-free ATMs across the Midwest continue to serve customers as usual.  With our wide-ranging telephone, online and mobile banking options, you can access your accounts anytime from almost any device.

We do want to assure you, though, that we have a plan in place to limit any disruptions that could result from the spread of the current coronavirus or future outbreaks. We have robust systems in place so that employees can fully support customers while working remotely, if needed, and reduce business interruptions. We’ll share updates with you, as necessary, until the virus is considered contained.

Your business is very important to us. We’ll take all prudent actions to meet our responsibilities to you while keeping our workplace safe. If you have any additional questions, please reach out to us.

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