In response to the unprecedented impacts of COVID-19 on colleagues, clients, and communities, Beach Community Bank has announced Beach Cares, a comprehensive commitment of support. This program aims to provide support and sustainability for our community during the pandemic crisis.
“The health and financial well-being of our team members, clients and communities has never been more important as we navigate this unprecedented time together.” said Beach President & CEO Chip Reeves. “It is in difficult times like these, that Beach Community Bank can draw on its financial strength to provide assistance and relief for those who are facing hardships.”
Key aspects of the Beach Cares plan include:
Team Member Support
• The Beach Community Bank Team Member Guarantee ensures no income lost from reduction of hours or furlough for the months of April and May. In addition, branch and operation team members, who are working tirelessly in support of clients, are eligible to receive a bonus of up to $1,000.
• Beach Community Bank is an active SBA Paycheck Protection Program (PPP) lender. In just one week since the program’s inception, Beach has already approved $25 million in PPP loans for local businesses, protecting more than 2,000 jobs.
• Beach Community Bank has also processed seventy (70) client loan deferrals for local businesses and individuals most impacted by the COVID-19 crisis.
• Beach Community Bank announced a $100,0000 donation to the United Way. This contribution will support their efforts in the communities served by Beach Community Bank by strengthening their COVID-19 Relief Fund which is targeted to assist low income families affected by COVID-19. The donation funds will be derived from a combination of Beach’s lending fee proceeds, philanthropic budget, and a $25,000 personal donation from Beach President & CEO Chip Reeves.
“I am extremely confident in America’s resiliency and our capacity for compassion and innovation,” said Reeves. “Were all in this together, neighbor by neighbor, community by community. We will emerge from this time even stronger.”