COVID-19 Banking Information

Updated on May 5, 2021

Paycheck Protection Program Loans

The SBA announced on May 4, 2021 that the PPP funds have been exhausted. We are proud to say we secured over $23,000,000 in PPP Loans that went back into our local economy. 


This program allows eligible borrowers, including those that previously received a PPP loan, to apply for a second draw. Second-draw loans will have a 1% interest rate and a 5-year term.  Funds can be used to pay interest on mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations. The PPP is designed to provide support to small businesses to keep their workers on payroll.


• Businesses who have fewer than 300 employees
• Show at least a 25% reduction in gross receipts in any quarter of 2020 compared to the same quarter of 2019
• Businesses who were in operation on February 15, 2020
• An individual who operates as a sole proprietor, independent contractor or as self-employed
• An entity such as a C-corporation, S-corporation, LLC, 501(c)(3) Not-For-Profit, 501(c)(6) organization, 501(c)(19) veteran organization, housing cooperative or tribal business
• An individual who operates as an independent contractor
• An individual who is self-employed who regularly carries on any trade or business
• You paid salaries and payroll taxes reported on a Form 1099-Misc

Business owners can borrow up to 2.5x their average monthly 2019 or 2020 payroll costs not to exceed $2 million. For borrowers in the Accommodation and Food Services sector (under NAICS 72 category), the maximum loan amount for a second draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million. To find your NAICS code visit

To calculate your average monthly payroll cost, use this formula: 

          Included payroll costs - Excluded costs = Payroll costs

Included payroll costs:

• Salary, wage, commission, or similar compensation
• Payment of cash tip or equivalent
• Payment for vacation, parental, family, medical or sick leave
• Allowance for dismissal or separation
• Payment required for the provisions of group health care benefits, including insurance premiums
• Payment of any retirement benefit
• Payment of state or local tax assessed on the compensation of the employee

Excluded payroll costs:

• Compensation of an individual employee in excess of an annual salary of $100,000 as prorated for the period February 15 to June 30, 2020
• Payroll taxes, railroad retirement taxes, and income taxes
• Any compensation of an employee whose principal place of residence is outside of the United States
• Qualified sick leave wages for which a credit is allowed under section 7001 of the Families First
• Coronavirus Response Act (Public Law 116-5 127); or qualified family leave wages for which a
• credit is allowed under section 7003 of the Families First Coronavirus Response Act


1. Gather your documents. You will need your:

  • Payroll processor records
  • Payroll tax filings
  • Form 1099-Misc
  • Income and expenses from a sole proprietorship
  • Corporate documents such as by-laws, partnership agreement, operating agreement, etc.

2. Call your Grundy Bank Commercial Lender at 815-942-0130 or email us at

Grundy Bank. Member FDIC. Equal Housing Lender.

Small Business Administration Paycheck Protection Program

U.S. Department of the Treasury: Small Business Paycheck Protection Program


When will I get my stimulus check?

Economic Impact Payments will not be credited to your account until at least January 4th, 2021. 


Are the branches open? 

Morris – Main Bank and Drive-up at Main & Franklin Streets

For our main bank branch the lobby capacity may be limited to allow social distancing. Masks are required.

                          Our lobby hours are: Monday thru Friday 9 am to 5 pm & Saturday’s - 9 am to Noon

Morris - Bedford Road Branch

Our Bedford Road Branch lobby is temporarily closed. Our drive-up hours are:

Monday thru Friday 7:30 am to 5 pm & Saturday's 7:30 am to Noon

Wilmington - Lobby & Drive-up

Our Wilmington branch lobby capacity may be limited to allow social distancing. Masks are required. 

Our lobby hours are: Monday thru Friday 7 am to 6 pm & Saturday's 7 am to 1 pm

Social Distancing

We ask that social distancing rules be followed as indicated in our lobbies.
Lobby furniture has been reduced to maintain social distancing.

Masks and Facial Coverings
Our front-line employees who work directly with clients will wear a face mask at all times.
Grundy Bank does ask that all clients or visitors wear a face mask.
For the safety of our employees, you will be asked to briefly pull down your mask upon entering the Bank so that we may properly identify you.
If you do not have a mask, we ask you use our drive-thru for your banking need.

Hand sanitizer is available to all employees, clients and visitors in our lobby as they enter and exit our branches.
Greatly enhanced daily cleaning procedures have been implemented.
Door handles will be sanitized after each client entry and exit from our branches.
Touch points will be sanitized in our lobbies and loan departments after each client meeting.
Our employees are required to stay home if they are sick or feverish and advised to seek medical care if symptoms persist.
We also ask all clients and visitors who are ill to use alternative forms of banking rather than visiting the branch.


How can I bank remotely?

Digital Banking Services
You can access your account activity, balances and statements thru online banking and mobile banking.
Night drops are located at each branch.
Checks can also be deposited thru our mobile banking app.
ATMs are available at each branch for cash withdrawals.

We appreciate your patience and understanding as we try to protect the health and safety of our clients and employees during this time. You can follow us on social media or visit our website for any updates to our reopening plan.

Banking Solutions
We ask you keep in mind that Grundy Bank offers solutions so that your banking can be uninterrupted while we practice social distancing.
     • Online Banking – It’s easy to enroll! Sign up thru the Enroll button in the Online Banking circle on our home page. With online banking, you can check your balance, transfer funds, view account activity, pay bills and more. If you need assistance, call us at (815) 942-0130.
     • Mobile Banking – the Grundy Bank mobile app is available for iPhone and Android devices. With the app, you have the same capabilities of online banking and deposit checks remotely.
     • Night Deposit – clients can continue to use the night drop available at all of our locations.
     • ATMs – ATMs are located at each of our branches and are accessible 24/7/365.
     • Loan Payments – you can make a loan payment thru our website via ACH or debit/credit card. To do so, visit our Make-a-Payment page and choose which payment method you would like to use.

Mobile Deposit Limits
During the outbreak, we understand your may need an increase in your mobile deposit limit so you can conduct more of your banking digitally. Personal limits are set with a $2,500 daily limit. If you need an increase to this limit, please contact us at (815)942-0130.

Lending Questions
We know during this time many of our consumer and commercial clients will be impacted. As always, we are here to support our clients who are affected by the coronavirus. We will be working with clients on an individual basis to identify the solutions that are best for their needs. Whether it’s a home equity, mortgage, personal loans or commercial loan, if you are impacted, please contact us at (815)942-0130.

If you are interested in a disaster relief loan, the U.S. Small Business Administration has information on disaster loan assistance for businesses, non-for-profits, homeowners and renters. You can visit their website for more information.

Is My Money Safe?
We understand this is an unprecedented time for many with the market volatility. Please remember that your deposits held at Grundy Bank are insured up to the maximum allowable amount by law. For levels of coverage, we encourage you to visit the FDIC’s Electronic Deposit Insurance Estimator (EDIE). This will allow you to estimate the total coverage for all of your different deposit accounts such as checking, savings, money market, and certificates of deposits.

Beware of Scams
This is also a great time to remind you about possible scams. Unfortunately, scammers use times of vulnerability to attack. Please keep in mind we will never call you to ask for your account number, your social security number, your online banking credentials, etc. We also remind you to never give out your online banking credentials to anyone and keep your personal identification number (PIN) private. Keep yourself protected by protecting your personal information.

If you receive an email you suspect may be fraudulent from Grundy Bank, DO NOT REPLY TO THE EMAIL. Call us at (815)942-0130.

Again, please feel free to contact us at (815)942-0130 or email us at with any questions. We will continue to communicate accordingly as we monitor and learn more about the impact the virus has to the communities we serve. We encourage you to visit the CDC website at or for the latest news and information on how to protect yourself.

When emailing Grundy Bank, the information you input is sent as an e-mail that is NOT SECURE. Do not send information through e-mail such as account numbers, social security numbers, or passwords.

Your Hometown Advantage