Tips for managing your finances during pandemic

(As of March 25, 2020)

COVID-19 continues to take its toll as it impacts communities in Oklahoma and across the country, and America’s banks are helping to  lead the way and taking steps to respond to the needs of individuals and small business owners directly affected.

Note: This support will vary by institution and the customer’s specific circumstances. As a customer, relief may come in different forms. By way of example only, some options for you to consider by talking to your banker may include some or all of these options:

  • Fee waivers.
  • Deferred payments for credit cards, auto loans and mortgages.
  • Loan modifications.
  • Low-rate and zero-rate loans and, perhaps, other accommodations.

Most Importantly – CONTACT YOUR FDIC-Insured

Any individuals or small business owners financially impacted by the outbreak should contact his or her financial institution. The customer representative will be able to help with your questions or direct your call to someone who can help.

Remember too that we’re all in this together!

Things to consider:

  • You can expect longer wait times, because there are others who may have similar issues confronting them.
  • Online: Most bank websites have specific information about how their institution is responding to customers impacted by COVID-19, including ways to contact them for assistance.
  • Mobile: Many transactions that can be performed online or over the phone, can also be done on mobile banking apps you can get from a variety of resources, including your bank’s website.
  • ATMs: Banks are taking extra steps to ensure ATMs are a clean and safe way to conduct everyday banking transactions.
  • If you need to speak with someone in-person, banks have taken a number of steps to ensure their branches are clean and safe for customers.
  • Branch hours may be different than normal, and some branches may be closed at this time.
  • The Federal Deposit Insurance Corporation (FDIC) has developed a list of frequently asked questions for bank customers affected by COVID-19,(which can be accessed here: It provides information related to a number of banking topics, including deposit insurance and access to money.


FINANCIAL ASSISTANCE PROGRAMS FOR SMALL BUSINESS OWNERS: Congress is currently debating a $2 trillion relief program. That measure will give small businesses and independent contractors access to cash to continue to make its payroll.

  • Paycheck Protection Plan.
    • Self-employed and independent contractors are eligible.
    • No collateral required.
    • No personal or other guarantees required.
    • No upfront origination fee.
    • Maximum loan amount is $10 million.
    • Funds can be used for payroll and overhead purposes.
    • 100 percent guaranteed by the SBA.
  • Economic Injury Disaster Loan (EIDL) Program.
    • 500 employees or less.
    • Loans up to $2 million.
    • Rural hospitals that accept Medicare are NOT eligible.
    • Banks can participate.