April 2, 2020
The Internal Revenue Service is urging taxpayers to be on the lookout for a surge of calls and e-mail phishing attempts about the Coronavirus, or COVID-19. These contacts can lead to tax-related fraud and identity theft. Please visit the IRS website to read the full warning.
April 1, 2020
Small Business Paycheck Protection Program
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs, including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. Please see the links below for details.
March 26, 2020
Tips About the SBA Economic Injury Disaster Loan Program
Source: Minnesota SBA Webinar 3/24/2020
*Elements of this program are subject to change.
- The program is administered solely by the Small Business Administration (SBA) and loan amounts are based on a case-by-case basis.
- SBA personnel believe the center is working off a 6-month timeline for the disaster. This could change depending on how prolonged the disaster is perceived to last. The disaster loan amount is partially based on an algorithm that takes into account expenses the business would’ve incurred over a 6-month time period had the disaster not occurred.
- Electronic application through the SBA website is preferred as the fastest method to get your application processed.
- Microsoft Edge is the preferred browser for electronic submission.
- Clear the cache on your Internet browser (Microsoft Edge or other) before you begin. If you’re unsure how to do this, a simple “how to” Internet search will help with a step-by-step process.
- Record your password. The SBA has no way to reset this at this time. If you lose your password, you have to start over.
- Be sure to select Economic Injury (EIDL) box on Form 5 (Application). If you fail to select this box, your application will be kicked out.
- An application can take up to 3 weeks to process. Complete tax returns are required for loans over $500,000.
- You can modify a previously filed loan request. You will need the loan number issued by the SBA.
- If approved for a loan, proceeds will be sent in installments. $25,000 to start, and if your loan is greater than $25,000, the next installment(s) are determined by the SBA loan officer.
- The loan is structured with a 12-month deferral period, so no payments are due for the first 12 months. Principal and interest payments start at the end of 12 months based on the term of the loan set by the SBA loan officer.
- See PowerPoint presentation for additional information.
March 26, 2020
In accordance with the recent executive orders from Governor Walz in Minnesota and Governor Evers in Wisconsin, our team at WNB Financial is doing its part to slow the spread of the COVID-19 virus. As an essential business, we will remain open, but we will extend our temporary lobby closures to the following dates:
- Minnesota offices: lobbies closed until Monday, April 13
- Wisconsin offices: lobbies closed until Monday, April 27
Through this time, our Drive-Ups remain open during regular business hours, and Electronic Banking services remain open 24/7.
March 25, 2020
The Wabasha Port Authority has announced its Emergency Loan Program as a response to the economic impact to the Wabasha/Kellogg businesses surrounding COVID-19. Although funding is limited, the goal of this program is to provide financial relief to as many businesses in the Wabasha/Kellogg area as possible. Visit the City of Wabasha website for more information.
March 24, 2020
Governor Evers in Wisconsin has issued orders that all non-essential businesses must close in order to help prevent the spread of the Coronavirus (COVID-19). With an office in Altoona, Wis., we want you to know that financial institutions like WNB Financial are considered essential business, and we remain open. Although our lobbies are temporarily closed, we continue to serve our customers through our Drive-Ups and Electronic Banking services.
Please be assured that your money is safe and fully insured. We offer insurance of funds through the Federal Deposit Insurance Corporation (FDIC), which covers up to $250,000 per depositor for each account ownership category. The FDIC has posted a document to answer your Frequently Asked Questions in relation to the Coronavirus outbreak.
As always, please reach out with any questions or concerns by calling 507-454-8800 or toll free 800-546-4392.
March 23, 2020
We understand that our borrowers may face financial difficulties as a result of the Coronavirus (COVID-19) pandemic. Please know that we’re here for you, and we understand every situation is different. We encourage customers who may need assistance to reach out by calling us at 507-454-8800 or toll free 800-546-4392 to discuss how we can help create a solution tailored to your specific situation.
March 23, 2020
The U.S. Small Business Administration (SBA) has announced that small businesses are now eligible for the SBA's Economic Injury Disaster Loan Program and can apply online.
Forms to Fill Out FIRST
Here's a list of documents you'll need to provide to complete the application:
It is HIGHLY recommend you complete your application online, do not mail them in. However, preparing these documents before you go to SBA.gov/disaster will streamline the process.
Loan Training for COVID-19 Related Economic Disruptions
Learn more about the SBA's Economic Injury Disaster Loan program. Webinars are at 9:00 a.m. or 1:00 p.m. on the following days:
- Tuesday, March 24
- Wednesday, March 25
- Thursday, March 26
- Friday, March 27
Register here. These trainings will cover program eligibility, use of proceeds, terms, filing requirements, and additional small business resources. After registering, you will receive the Skype webinar log in information.
The SBA will conduct these trainings twice a day until demand is met.
More Info on EIDL Loans
A couple of points to know about SBA Economic Injury Disaster Loans:
- EIDL loans of up to $2M are now available for small businesses and private non-profits.
- Funds can pay fixed debts, payroll, accounts payable, and other bills that can’t be paid because of the disaster’s impact.
- The current interest rate is 3.75% for small businesses, non-profit rate is 2.75%.
- The terms can be extended up to 30 years to keep it affordable.
- These loans are only intended as working capital loans utilized to assist with impact caused by the Coronavirus emergency efforts.
- Loan applications will be evaluated by SBA loan officers. Criteria includes:
- Credit history acceptable to the SBA
- Repayment abilities
Eligibility - business must be headquartered in a declared state and suffered working capital losses due to the declared disaster (not a general downturn in business due to the economy or other reasons).
March 18, 2020
At WNB Financial, it’s our social responsibility to help protect the health and safety of our customers, our coworkers, and our community. After closely monitoring Coronavirus (COVID-19) pandemic updates from the Centers for Disease Control and state health authorities, we have made the proactive decision to reduce face-to-face contact and temporarily close our office lobbies March 20 – March 31. We’ll continue to monitor the pandemic situation and reassess our April 1 open date as we learn more.
All Drive-Ups will remain open during regular business hours. Customers can continue to use the night drop boxes for deposits, loan payments, and other documents.
WNB offers many convenient services that allow you to access your accounts remotely rather than in person, including 24-hour ATMs, Telephone Banking, Internet Banking, and Mobile Banking with Remote Deposit capabilities. If you’re not currently signed up for these services and would like to learn more, please click on the links above or call us at 507-454-8800.
If absolutely necessary, please call 507-454-8800 to schedule an appointment for urgent business only. This includes access to your safe deposit box. We understand that emergency situations may arise, and we’ll discuss your situation to determine if an in-person appointment is necessary.
This is an unprecedented situation, but please know that your funds are safe and insured by the FDIC. There is no reason to withdraw extra cash. We will continue to meet your banking needs and communicate with you, but don’t hesitate to call us at 507-454-8800 or toll free 800-546-4392 if you have any questions or concerns.
March 16, 2020
We continue to closely monitor the Coronavirus (COVID-19) pandemic and make real-time adjustments to our business. With the health and safety of our customers and employees at the forefront, our lobbies remain open but with amplified sanitation measures. We've also implemented a mandatory 14-day self-quarantine for any employees who have recently traveled or plan to travel by air in the near future. While this may affect who you see in our offices, please know it will not affect your banking transaction. Please call us at 507-454-8800 or toll free 800-546-4392 with any questions or concerns.
March 13, 2020
The safety of our customers and employees is vastly important. Like a growing number of businesses, we’re
proactively monitoring reliable health sources regarding the Coronavirus (COVID-19) pandemic. While at this time the virus has not seriously impacted the communities we serve, please be assured that we have a business continuity plan in place, it has been tested, and we’ve begun to implement the first steps of the pandemic component. Your banking needs will continue to be met during these uncertain times.
While we’ve taken measures to increase the cleaning and sanitizing of our offices, we understand that some of our customers may choose to limit public interactions until this health threat passes. WNB offers many convenient services that allow you to access your accounts remotely rather than in person, including ATMs
, Telephone Banking
, Internet Banking
, and Mobile Banking
with Remote Deposit
capabilities. If you’re not currently signed up for these services and would like to learn more, please click on the links above or call us at 507-454-8800.
The safety of our customers and employees is foremost in our decision making. We will continue to communicate with you, and please be assured that your banking needs will continue to be met. As always, don’t hesitate to call us at 507-454-8800 or toll free 800-546-4392 if you have any questions or concerns.
March 11, 2020
The financial security of our customers is a top priority. We strive to protect your accounts at all times, and this commitment brings the responsibility to inform you of current cyber security scams and threats.
Cyber scammers are taking advantage of recent fears surrounding the Coronavirus Disease 2019 (COVID-19). They may send e-mails with malicious attachments or links to fraudulent websites to trick victims into revealing sensitive information or donating to fraudulent charities or causes. Please be cautious of these e-mails and be wary of any calls, texts, or social media communications you receive.
Please visit these reliable websites for tips on how to protect yourself:
To report fraudulent bank account activity or to speak with a WNB Financial representative, please call us at 507-454-8800 or toll free 800-546-4392.