COVID-19 Update

A message to our Blue Sky Bank family regarding COVID-19

September 23, 2020: Paycheck Protection Program (PPP):  Business owners that utilized the Paycheck Protection Program can now submit forgiveness applications. Please contact your Lender directly with questions and to submit your forgiveness packet.

Steps to submit your forgiveness application:

  1. Using the links below, print off or download both the PPP Forgiveness Application and the corresponding instructions.
  2. How to determine if you qualify for the PPP EZ Application:

    — Self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the PPP loan application and did not include any employee salaries in the calculation of their average monthly payroll (when determining their eligible loan amount); or
    — Borrower didn’t reduce annual salary or hourly wages of any employee by more than 25% during Covered Period or Alternative Payroll Covered Period and didn’t reduce the number of employees or the average paid hours of employees between 1/1/20 and the end of Covered Period; or
    — Borrower didn’t reduce salary or wages of any employee by more than 25% during Covered Period or Alternative Payroll Covered Period and was unable to operate during Covered Period at the same level of business activity as before 2/15/20 due to compliance with HHS, CDC, or OSHA restrictions issued between 3/1/20 and 12/31/20 related to COVID 19.

    **Covered Period- The PPP Flexibility Act, signed into law June 5th, allowed PPP borrowers to elect to change their “covered period” (the amount of time you must spend the PPP loan proceeds) from 8 to 24 weeks.  It also gave borrowers the flexibility to reduce the amount of loan proceeds required to be spent on payroll from 75% to 60%**
  3. Borrowers will need to provide supporting documentation detailing how your company used the PPP loan proceeds during the covered period.
    — Payment of payroll, including the number of full time employees during the covered period. Include tax filings and interim payroll tax documentation.
    — Payment of mortgage interest
    — Rent or lease payments
    — Utility Payments
    — Employer contributions to employee health insurance.
  4. If you have an accountant, we recommend seeking their help in reviewing your documentation prior to submission.  Our team will review your application and supporting documents and follow up with any questions or corrections.    Upon a successful review, your application will be submitted to the SBA. The SBA has 90 days to respond.  We will communicate with you directly once any feedback from the SBA is received.
  5. Should the SBA determine that a portion of your loan is not eligible for forgiveness, our team will work with you to review your remaining loan balance and how to structure the repayment.  The PPP rules do allow for a longer repayment period than the 2 years that were originally approved.
    FAQ
    Treasury website with additional resources
    PPP EZ Instructions
    PPP EZ Application
    PPP Standard Application Instructions
    PPP Standard Application
    PPP form 3508S for Loans under $50,000

June 1, 2020: Blue Sky Bank lobbies are now open by appointment only. Please call your local branch to schedule an appointment. Our Boxyard branch in downtown Tulsa has re-opened.

To help minimize the spread of COVID-19, the following guidelines are in place per the CDC guidelines:

  • Face masks are welcome, however, be prepared to remove in order to identify yourself.
  • Maintain recommended social distances of 6 feet apart.
  • No public restrooms are available.

Please visit https://www.cdc.gov/coronavirus/2019-ncov/index.html to view all the recommended CDC guidelines

April 16, 2020: Blue Sky Bank would like to remind customers of the digital banking features we offer, while we are all maintaining social distancing these tools give customers the ability to manage day-to-day finances 24-7.

To see a list of the digital features please click for consumer or business.

April 2, 2020:  In this unprecedented time of economic uncertainty our leaders in Washington have enacted various laws to provide relief to consumers and business owners during this time. Below is information regarding the ‘Economic Impact Payments’ and the ‘Paycheck Protection Program’.

Economic Impact Payments (EIP): The Treasury Department will begin distributing tax relief to consumers within the next three weeks. The Federal Communications Commission (FCC) has released the following information regarding these funds:  No one will call or text you to verify your personal information or bank account details in order to "release" the funds. The Treasury Department expects most people to receive their payments via direct-deposit information that the department has on file from prior tax filings. 

Paycheck Protection Program (PPP): Generally, this program aims to provide cash so workers can keep their paychecks. This directly gives businesses cash – in the form of loans – to help your employees stay on the job. If the money is used correctly, the loans will be forgivable. The program authorizes $349 billion to be shared through PPP loans and all 7(a) loans during the covered period, which will run from April 3rd to June 30th, 2020.  However, it is anticipated that due to high demand, these funds will be allocated quickly. Blue Sky Bank will help you with both the initial PPP application and the loan forgiveness application. Please contact your local branch for more information.

March 25, 2020: Safety deposit box access is available by appointment during normal drive thru hours (Monday – Friday only). We will take all necessary precautions for your safety and ours during your appointment, please contact your local branch to schedule. Thank you for your continued patience during this unforeseen time.

March 24, 2020: In an effort to help mitigate the impact COVID-19 is having on our community, Blue Sky Bank announced last week a deferment plan whereby Blue Sky’s current commercial borrowers have the option to defer principal payments on existing loans. During this unprecedented time and economic uncertainty, we believe it is the right time to focus on our neighbors, businesses, and community. Accordingly, we are providing a similar program to help over 600 of our consumer borrowers that need assistance from any COVID-19 related hardships. Most non-mortgage consumer borrowers will have the option to defer payments for up to 90 days. Please contact your Blue Sky Banker for more details.

March 16, 2020: Due to the increasing concerns surrounding COVID-19, Blue Sky Bank locations will conduct business primarily through the drive-thru. The branch lobbies will be closed, but we are able to handle all normal courses of business via phones, digital banking, and email communication. Thank you for your patience as we all work together to reduce the spread of the virus. Please contact your local branch should you have any questions.

During this time our Boxyard branch in downtown Tulsa will be temporarily closed. Please visit our Tulsa location at 3353 E. 41st Street. Our 41st Tulsa branch will maintain normal drive-thru hours during the week, and temporarily open on Saturdays from 10am – 1pm.

March 14, 2020:  A message from Blue Sky Bank family on COVID-19.