To Our GSB Community,
As the State of Connecticut begins its reopening of businesses, we will be updating you on branch operations later this week. In the meantime, for our business customers, please review the section below, "7/7/20 Update: SBA Paycheck Protection Program (PPP)" for new information on Loan Forgiveness.
BRANCH SERVICE AND OPERATIONS
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GSB has two very convenient and popular digital banking technologies that you can use from the comfort of your home: Online and Mobile Banking.
Enrolling in Online Banking is easy and gives you access to banking features, including balance inquiry, funds transfer, and Bill pay. If you would like to get started, please refer to the step-by-step guides provided below or contact our customer help desk.
For help at any time, give us a call, submit an online form, start a chat or send us an email.
Phone: (203) 453-2721
Toll-Free: (800) 730-6603
Phone: (844) 378-7560
Phone: (800) 730-6603
Phone: (203) 453-9075
Paycheck Protection Program Loan Forgiveness
To apply for forgiveness of your Paycheck Protection Program (PPP) loan, you (the Borrower) must complete an application and submit it to us following your 8-week or 24-week Covered Period of your PPP Loan. We will be sending you specific instructions as we get closer to your PPP Loan Forgiveness Application due date.
On June 17, the SBA released the Loan Forgiveness Application. Do not complete this form; we will be sending you detailed instructions in the coming weeks. However, we encourage you to review the instructions accompanying the form which provides information to borrowers as to how to apply for forgiveness of their PPP loans, consistent with the CARES Act. The SBA has stated it will issue additional guidance soon.
The instructions provided on the form include several measures to reduce compliance burdens and simplify the process for borrowers, such as:
If you have a question that is not addressed in the FAQs, please email our team at PPPLoanForgiveness@gsbyourbank.com and we will respond as soon as possible.
Paycheck Protection Program Loan Application
PPP loans are designed for small businesses for payroll and other certain expenses. Small businesses, sole proprietorships, independent contractors and self-employed workers can apply until August 8, 2020.
You will need to submit documentation backing up the number of employees as of February 15, 2020 and the payroll expenses for 2019 used to determine the company's average monthly payroll.
If you are interested in this program and would like to submit an application, please click here to apply.
In this capacity, GSB is solely acting as an intermediary, free of charge, as a service to our customers and the CT business community at large.
Lendio will work directly with the loan applicant and SBA approved lenders to process and submit the loan to the SBA. GSB will not have access to the application or status of these applications at any time. A chat function is available within the portal should you have any questions during the application process. You may also reach them by calling (801) 858-3322 or firstname.lastname@example.org.
By accessing this portal, the applicant acknowledges and agrees to hold GSB harmless from any and all liability pertaining to its use.
We encourage you to apply as quickly as you can because there is a funding cap. Missing documentation or incomplete applications will result in a delay, which may prevent you from qualifying.
Please review our helpful tips: Keeping Your Information Secure During a Pandemic
Since our founding in 1875, GSB has remained a strong financial institution. We are well-positioned to weather this economic situation.
GSB is insured by the FDIC. The FDIC has released many reassuring statements during this time, including a reminder to Americans that FDIC-insured banks remain the safest place to keep their money. Their message is strong, "Since 1933, no depositer has ever lost a penny of FDIC-Insured funds."
For those who have additional questions about deposit insurance, the FDIC has complied a list of Frequently Asked Questions for Bank Customers affected by Coronavirus Disease 2019, linked here.
We intend to remain in communication with our community throughout the weeks ahead. We invite you to follow us on social media for timely updates and information.
For the most up-to-date information about Coronavirus and resources available to families and businesses, visit the State of Connecticut website.
Thank you for choosing GSB – we are honored to be your bank.