Experiencing Hardship?
Experiencing hardship?
We are here to help.
"Our primary focus is on being here for you. If you need to talk with someone about your financial situation due to the pandemic, please reach out to us to explore options."
- Chris Murphy, Chairman and CEO
During these uncertain
times, please know that helping you is our top priority. Let us know how we may
assist with your personal finances by calling our Client Services Center 800-513-2360 or 574-235-2000 or call your local banker.
Economic Impact Payments
The IRS has introduced a new tool for those who do not file their
tax returns electronically, in order to receive a stimulus check quickly. Users
will need to create an account
and use their bank’s routing number. 1st Source Bank’s routing number
is 071212128.
For more information on Economic Impact Payments, please visit the
IRS coronavirus impact payment website or view this quick video. Unsure of how to
spend your stimulus check? Click here for advice.
Please remember this is the only authorized site by the IRS. The
IRS will NOT call you requesting any information, or to help you sign up for
this program.
Changes to Retirement Account Guidelines
The CARES Act has enacted
changes to 401k laws, which affect rules regarding plan withdrawals, contributions
and required minimum distributions. Click here for more information.
Tax Deadline Extension
The deadline for filing
federal income taxes has been extended to July 15, 2020. Review this video
for more details, including what to do if you need
additional time to file.
Expanded Unemployment Benefits
The CARES Act provides
expanded unemployment benefits to those who may not have previously been
eligible. Click here to learn more.
IN-PERSON APPOINTMENTS ARE AVAILABLE
Simply find the nearest banking center and call them to schedule an appointment. View Locations
Simply find the nearest banking center and call them to schedule an appointment. View Locations
BANK FROM WHEREVER YOU ARE
Access your accounts online, through the mobile app, via text, or over the phone; whatever works best for you! Learn More
Access your accounts online, through the mobile app, via text, or over the phone; whatever works best for you! Learn More
CONSUMER LOANS AT THE READY
We have the funds and experience to help you meet your needs. Review our options and apply online, over the phone or by appointment. View Loans
We have the funds and experience to help you meet your needs. Review our options and apply online, over the phone or by appointment. View Loans
1st Source Bank remains
strong, stable, local and personal; we continue to be so now, just as we have
for over the past 150 years. Our commitment to the communities we serve helps
us understand what needs our local business may have during uncertain
economic times.
If you need assistance with finances for your business due to
the current nationwide shutdowns caused by COVID-19, please
reach out to us. Customer Service 800-513-2360 or 574-
235-2000 or call your local banker.
We offer many options to help you out in these times:
IN-PERSON APPOINTMENTS ARE AVAILABLE
Simply find the nearest banking center and call them to schedule an appointment. View Locations
Simply find the nearest banking center and call them to schedule an appointment. View Locations
BUSINESS LOAN OPTIONS
Now more than ever, ensuring the right financing is critical to ensure long-term success. You can review our loan options and apply online, speak to one of our highly qualified loan officers on the phone. View Loans
Now more than ever, ensuring the right financing is critical to ensure long-term success. You can review our loan options and apply online, speak to one of our highly qualified loan officers on the phone. View Loans
PAYCHECK PROTECTION PROGRAM (PPP)
We are thankful to help the businesses and communities we
serve by processing over 3,500 applications for more than $590 million in PPP
dollars to date.
Loan Forgiveness
The SBA and Department of Treasury released a revised PPP
forgiveness application, which became law with the June 5, 2020, signing of the
Paycheck Protection Program Flexibility Act. In addition to the revised full
forgiveness application, the SBA published a new EZ version which requires
fewer calculations and less documentation for borrowers.
There is legislation currently being considered by Congress
which, if approved, would further simply the forgiveness application for many
borrowers.
Legislation being considered by Congress:
- The Paycheck Protection Small Business Forgiveness Act, S. 4117, would allow borrowers with PPP loans below $150,000 to apply for forgiveness using a one-page attestation form in lieu of going through the current forgiveness application process. ·
- In addition to providing the benefits above, the Continuing Small Business Recovery and Paycheck Protection Program Act, S. 4321, would simplify the application process for anyone with loans under $2,000,000 by not requiring supporting documentation to be submitted with an application.
Changes to the
forgiveness process by Congress or the SBA may necessitate a new application or
additional work; however, if you would like to proceed with applying for
forgiveness, please send an email to ppploanforgiveness@1stsource.com along
with your name and the name of your business and we will be back in touch to
help you start the process.
1st Source Bank will have
60 calendar days from receipt of the completed application to issue a decision
and submit your application to the SBA. The SBA will then have up to 90
calendar days from submission to review your application, make a final decision
on the application and remit the appropriate forgiveness amount to 1st Source
Bank, plus any interest accrued through the date of payment. If applicable, the
SBA will also deduct EIDL Advance Amounts from the final forgiveness amount.
1st Source Bank is a seven-time SBA Gold Level Community Lender
of the Year recipient. Our business banking team is poised and ready to serve
you.