As a preferred Small Business Administration (SBA) lender, EagleBank is participating in the SBA CARES Act Paycheck Protection Program (PPP).  We are accepting applications* but we are still waiting on the guidelines, procedures, and policies from the Small Business Administration (SBA) and the Treasury Department.  We do not know when these guidelines will be available.  

Important notes:

• We are currently assisting existing customers of EagleBank as of February 15, 2020
• Due to the unprecedented volume we are facing, there will be delays in processing.
• Business owners will also need to meet the requirements provided by the SBA to be eligible for these loans, and provide all necessary information and documentation.

Please find a final version of the application here (we will only accept typeset applications, not handwritten).  In addition to the application we will need, at a minimum, the following documents:

• P&L (aka Income and Expense report) for 03/31/2019 – 03/31/2020
• Payroll Processor Records
• Payroll Summary
• Payroll Tax Filings
• Breakdown of the mortgage interest, utilities and rent, etc.

Please note, this list is not final and more or less documentation may be required. 

Please work directly with your EagleBank Relationship Manager or Branch Representative to securely submit your application and supporting documents.

The following list shows how your loan amounts will be calculated:

Loan Calculation

Total Payroll Employee¹
           # of TOTAL employees
  (+) Group Health Insurance Premiums
  (+) Retirement Benefit Costs
  (+) State/Local Taxes on Employee Compensation
  (+) Self-Employed Income (and independent contractors)

Excluded Costs
  (-) Federal Income Taxes
  (-) FICA and Medicare Costs (excluded from calculation)
  (-) Qualified Sick and Family Leave

Total Eligible Payroll Costs
  (x) Multiply by 2.5

(=) Maximum Paycheck Protection Program Loan

 
¹DO include wages, salaries, commissions, vacation, sick pay, PTO and other similar compensation; do NOT include qualified sick or family leave; do NOT include compensation over $100,000 for any single employee (ex., owner salary is $150,000, only $100,000 is eligible to be included); do NOT include independent contractors (1099 employee payroll)

*Applications for the Paycheck Protection Program are subject to SBA eligibility guidelines.

In the meantime, we are grateful for your interest and especially grateful for your patience. For additional resources including grants and loan programs for small business, please visit the following:

US Small Business Administration (SBA):

• Economic Injury Disaster Loans (EIDL):  (Note: This is a loan between the borrower and the SBA and that the bank is NOT involved.)
   
• The Three Step Process: Disaster Loans

The SBA is working on additional programs administered by banks but no  information is available until signed into law.

Effective Monday, April 6^th, EagleBank will temporarily close some branches in response to COVID-19.

During these uncertain times, we are committed to both serving our customers and ensuring the health and well-being of our employees and communities. To minimize health risks from the coronavirus (COVID-19), we have made the decision to temporarily close select locations. We believe these are the right steps to take to maintain essential banking access while also helping prevent the spread of the virus and supporting the well-being of our customers, associates and communities.

Below you can find the list of branches that will remain opened and those that will be closed until further notice:

Branches Remaining Open

Maryland

• Bethesda (7815 Woodmont Avenue, Bethesda) (240.497.2044) – Drive-Up ONLY
  Drive-Up Banking Hours: Monday-Thursday: 8:30AM-4PM; Friday: 8:30AM–5PM
   
• Park Potomac (12505 Park Potomac Avenue, Potomac) (301.444.4520) – Drive-Up ONLY
  Drive-Up Banking Hours: Monday-Thursday: 8:30AM-4PM; Friday: 8:30AM–5PM; Saturday: 9AM–12PM
   
• Silver Spring (8665-B Georgia Avenue, Silver Spring) (301.588.6700) – Drive-Up ONLY
  Drive-Up Banking Hours: Monday-Thursday: 8:30AM-4PM; Friday: 8:30AM–5PM
   
• Shady Grove (9600 Blackwell Road, Rockville) (301.762.3076)  – Drive-Up ONLY
  Drive-Up Banking Hours ONLY: Monday-Thursday: 8:30AM-4PM; Friday: 8:30AM–5PM
  Note: Visit our Park Potomac Branch for Saturday Drive-Up services (address & drive-up hours indicated above)

Virginia

• Ballston -- (4420 N. Fairfax Drive, Arlington) (571.319.4800) – Drive-Up ONLY
  Drive-Up Banking Hours: Monday-Thursday: 8:30AM-4PM; Friday: 8:30AM–5PM
   
• Chantilly (13986 Metrotech Drive, Chantilly) (703.378.0010) – Drive-Up ONLY
  Drive-Up Banking Hours ONLY: Monday-Thursday: 8:30AM-4PM; Friday: 8:30AM–5PM; Saturday: 9AM–12PM

Branches Closing as of Close Of Business Friday, April 3^rd

Maryland

• Chevy Chase -- The nearest branch open is Bethesda: 7815 Woodmont Avenue, Bethesda (240.497.2044) – Drive-Up ONLY
• Twinbrook -- The nearest branch open is Park Potomac: 12505 Park Potomac Avenue, Potomac (301.444.4520) – Drive-Up ONLY 

Virginia

• Alexandria -- The nearest branch open is Ballston: 4420 N. Fairfax Drive, Arlington, VA (571.319.4800) – Drive-Up ONLY
• Fairfax -- The nearest branch open is Chantilly: 13986 Metrotech Drive, Chantilly (703.378.0010) – Drive-Up ONLY
• Dulles Town Center -- The nearest branch open is Chantilly: 13986 Metrotech Drive, Chantilly (703.378.0010) – Drive-Up ONLY
• Merrifield -- The nearest branch open is Chantilly: 13986 Metrotech Drive, Chantilly (703.378.0010) – Drive-Up ONLY
• Rosslyn -- The nearest branch open is Ballston: 4420 N. Fairfax Drive, Arlington, VA (571.319.4800) – Drive-Up ONLY
• Reston -- The nearest branch open is Chantilly: 13986 Metrotech Drive, Chantilly (703.378.0010) – Drive-Up ONLY
• Tysons -- The nearest branch open is Ballston: 4420 N. Fairfax Drive, Arlington, VA (571.319.4800) – Drive-Up ONLY

District of Columbia

• Dupont -- The nearest branches open are Bethesda (7815 Woodmont Avenue, Bethesda) (240.497.2044) and Silver Spring (8665-B Georgia Avenue, Silver Spring) (301.588.6700) – Drive-Up ONLY for both locations
• Gallery Place -- The nearest branches open are Bethesda (7815 Woodmont Avenue, Bethesda) (240.497.2044) and Silver Spring (8665-B Georgia Avenue, Silver Spring) (301.588.6700) – Drive-Up ONLY for both locations
• Georgetown -- The nearest branches open are Bethesda (7815 Woodmont Avenue, Bethesda) (240.497.2044) and Silver Spring (8665-B Georgia Avenue, Silver Spring) (301.588.6700) – Drive-Up ONLY for both locations
• K Street -- The nearest branches open are Bethesda (7815 Woodmont Avenue, Bethesda) (240.497.2044) and Silver Spring (8665-B Georgia Avenue, Silver Spring) (301.588.6700) – Drive-Up ONLY for both locations
• McPherson Square -- The nearest branches open are Bethesda (7815 Woodmont Avenue, Bethesda) (240.497.2044) and Silver Spring (8665-B Georgia Avenue, Silver Spring) (301.588.6700) – Drive-Up ONLY for both locations

All of our EagleBank ATMs will remain open 24/7 and all Night Depository services will also remain available during this time.

During this period of social distancing, you may consider using the services below.

DIGITAL SERVICES AND ONLINE BANKING

EagleBank offers an advanced suite of digital online and mobile tools to manage and monitor your personal and business banking relationships. Services to assist with everyday banking transactions such as balance inquiries, internal transfers, stop payments and check deposits are available through online banking and our mobile apps.

Business Online Banking offers business customers the ability to transmit wire transfers, ACH files and access fraud prevention tools to monitor transaction activity to include Positive Pay and ACH Fraud Filter. If you have not taken advantage of these online tools and would like to enroll in them now, please contact us at info@eaglebankcorp.com.

DEBIT CARDS AND MOBILE WALLETS

Debit Cards offer you 24x7 access to ATMs for cash withdrawals and deposits at EagleBank ATMs.  Remember EagleBank has never charged you to use your card at another Bank’s ATM.  All Debit Cards are eligible to be stored in your mobile wallet for added convenience.

Our customer support team is ready to help with any of your banking questions or concerns with your account. 

• For Online Banking support during the business hours of 8:30 AM - 6:00 PM, Monday - Friday, please call us at 301.628.4708.
• For general questions regarding your existing account(s), please call us at 301.986.1800 during the business hours of 8:30 AM - 5:00 PM, Monday thru Friday.
• 24/7 TeleBank: Please call 1.800.364.8313 to obtain information on your accounts and transfer funds between your EagleBank accounts.
• For ATM and Debit Card support, including reporting a lost or stolen card, please call us at 1.866.318.7727, anytime.

During this time please be extra cautious and aware of scams.  In times of crisis, criminals become more active to try and deceive you especially as it pertains to information regarding the crisis.  Web search results could potentially take you to links that can lead to malware being downloaded.  Be vigilant with email and text messages regarding COVID-19 and do not click on links or open attachments prior to verifying their authenticity.  Do not share any sensitive information with unfamiliar sources.

EagleBank is built on the foundation of “Relationships FIRST” and now more than ever we are here for you to support your banking needs through this unprecedented time.  We hope you will not hesitate to reach out to your EagleBank contact with any questions or concerns.  We are now, more than ever, focused on RELATIONSHIPS FIRST.

In the meantime, we are grateful for your continued confidence and patronage.  We are committed to keeping you safe and to protecting not just our banking relationship but also the neighborhoods where we all live, work and contribute every day.

Below are some additional resources for you to review and consider.

Center for Disease Control

World Health Organization

Federal Trade Commission: Scammers are taking advantage of fears surrounding the Coronavirus.

The Financial Crimes Enforcement Network (FinCEN): Remain Alert to Related Illicit Financial Activity