April 2020 Special Section
2 | April 2020 | NorthFulton.com | ForsythHerald.com
BANKING & FINANCE• Sponsored Section
Financial decisions during a pandemic By MICHELLE WILSON Wilson Legal, PC 2020 was supposed to be a big year for you. You had goals and dreams. Now it probably feels like you’ve had the wind knocked out of you. What plans do you move WILSON forward on? How does the current pandemic change your plans or should it? The Coronavirus Pandemic has changed the way we live drastically for at least a few month and may continue to change the way we live and work. Many of us are adjusting to this new “normal” and wondering if it will be permanent or if we will get back to the way live used to be. Many families were planning to make some big changes this year like selling a home. Some families are wondering whether or not to keep moving forward with their plans. Here are three key questions to ask yourself. First, take a look at the
original purpose of your project or purchase – was it a luxury item or project or something that would help you in a recession? Second, would you delay the project or purchase if the effects of the pandemic affected us for 2-3 months versus 6-9 months or longer? Third, what about employment and savings? What stress will you be under if you complete the project or purchase now and are laid off or your employment is decreased? Like many of you, this pandemic caught me at a point when I was nearly done with a large project. My decision to proceed with the project was based upon the probability that the pandemic may be affecting us longer than 2-3 months. Hear about my project and how and why I came to decide to finish it during the pandemic. I will be telling my story on Thursday, April 30th, at 3:00pm. I hope you’ll join me by clicking the link for the webinar at Wilson-legal.com/contact. Have a great Thursday!
FREE Upcoming Webinars: Protect your family today! April 30, 2020 3:00pm to 4:30pm Financial Decisions During a Pandemic
May 15, 2020 3:00pm to 4:30pm
Attorney Michelle Wilson
VA/Medicaid Basics
Reserve your space today.
407 East Maple St., #105 • Cumming, GA 30040 • (770) 205-7861
BANKING & FINANCE • Sponsored Section
Banking upside down: When banks give money away Everyone loves “free samples”: chocolates at the candy store, cheese cubes at the grocer. But banks giving away money? Seems like an idea for a Dr. Seuss book. It’s hard to find humor in our current environment, but bankers above all else need to have a positive attitude these days, because our communities are under stress and need help. The effort to distribute $ billions through the SBA’s “forgivable loan” program has been an all-hands effort at most community banks. In less than a month, the banking industry has transformed from a lending and payment business to the country’s foremost financial relief enterprise. There are four separate relief programs being administered through the SBA: the Paycheck Protection Program, EIDL loan advances, Express Bridge Loans and SBA debt relief. These programs will be enormously beneficial to business owners—but learning about them and navigating each option requires time, effort and support. While banks are the entry point for PPP loans, the SBA itself is the gateway for the other three programs. “We’ve already processed dozens of applications”, says ACB lender Gary
Lochbaum, “and customers are signing electronic loan documents every day. We’re proud of the effort from everyone on our team, and it’s amazing to see that we already have $ millions in our PPP loan pipeline. This is a challenge, but it’s also a rewarding experience”. Deno Andros of Alpha-Omega Companies was an early PPP applicant: “The financial guidance and caring touch provided by American Commerce Bank means a lot to us!”, he says. For more information about the SBA’s various support programs, type “SBA funding programs coronavirus relief” into your web browser, or visit American Commerce Bank’s website, which includes links to these important programs. American Commerce Bank specializes in customized solutions for commercial and consumer banking customers. The bank offers market-leading deposit rates as well as convenient on-line banking and treasury management services. By structuring terms to the specific needs of borrowers, ACB is a champion of local business owners. For more information about American Commerce Bank, stop by the branch located at 10690 Medlock Bridge Road, or visit www.AmericanCommerceBank.com.
Gary Lochbaum, a lender with American Commerce Bank processes a Paycheck Protection Program (PPP) loan.
NorthFulton.com | ForsythHerald.com | April 2020 | 3
4 | April 2020 | NorthFulton.com | ForsythHerald.com
BANKING & FINANCE• Sponsored Section
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