Resources and information to help you and your business through this difficult time.
We understand your daily routine as well as managing your finances have changed due to these unprecedented times. However, we want to assure you that we are here to stay connected with you and your business by keeping you updated on any changes and share informational resources.
5/29/2020 - Over the past several weeks, Amegy Bank has helped thousands of businesses receive much-needed funding through the Small Business Administration’s (SBA) Paycheck Protection Program.
As of May 29, Amegy Bank has successfully processed 7,219 loans totaling $1.35 billion
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury, as a result of the Coronavirus (COVID-19). For businesses that are seeking assistance, apply directly to SBA’s Disaster Assistance Program at DisasterLoan.sba.gov.
For Additional Information:
6/1/2020 - Receive guidance related to PPP loan forgiveness through a series of webinars from the SBA. To view the full webinar schedule, click here.
5/15/2020 - One of the most attractive features of the SBA’s Paycheck Protection Program is that the entire loan may be forgiven if you meet specific requirements within eight weeks after receiving your funds.
Specific details regarding the process for applying for loan forgiveness have not yet been released by the SBA. However, there are a few things you can be doing now to prepare for this important process.
Here are five key steps you might consider.
These steps are provided for informational purposes only. To the extent any information outlined below is inconsistent with the Paycheck Protection Program and its rules, regulations and guidelines, published by the SBA, the SBA’s Paycheck Protection Program rules, regulations and guidelines shall supersede any conflicting information in this letter. You should review and follow all Paycheck Protection Program guidelines, rules, regulation, definitions and procedures from the SBA relating to loan forgiveness.
PPP Loan Forgiveness Step #1: Allocate your loan towards forgivable purposes. Under current SBA guidance, to be eligible for loan forgiveness, funds must be used for the following purposes:
PPP Loan Forgiveness Step #2: Avoid pitfalls that could reduce your loan forgiveness. Because the Paycheck Protection Program is intended to keep employees on the payroll, your ability to receive loan forgiveness will be reduced by the following actions:
If your goal is to obtain complete loan forgiveness, you have until the end of the eight-week period after you received your loan to rehire staff or reinstate pay that was decreased by more than 25%.
Treasury Secretary Steven Mnuchin announced a couple of weeks ago that the SBA will be conducting a “full review audit” of loans obtained through the Paycheck Protection Program in excess of $2 million. Audits may, however, be conducted on any loan received through the program. Details regarding the scope or mechanics of these audits have not been released.
Under SBA rules for the Paycheck Protection Program, borrowers are responsible for determining and certifying whether they are eligible to apply for and receive a loan, and specific guidance is offered in question #31 of the SBA’s frequently asked questions: “Lenders may rely on a borrower’s certification regarding the necessity of the loan request. Any borrower that applied for a PPP loan prior to the issuance of this guidance and repays the loan in full by May 14, 2020*, will be deemed by SBA to have made the required certification in good faith.” (NOTE: The original date was May 7, but the SBA extended it to May 14, as per SBA FAQ #43.) If in doubt of your eligibility, seek the advice of your CPA or attorney.
PPP Loan Forgiveness Step #3: Document your use of loan proceeds. It’s ideal to keep your Paycheck Protection Program funds in a dedicated bank account, which will make it easier to track how they are used. To obtain loan forgiveness, you’ll need to carefully outline how the funds were appropriated, including documents that verify:
PPP Loan Forgiveness Step #4: If it’s beneficial, align your payroll cycles with the date you received your loan. Because you only have eight weeks to use your loan proceeds, it’s important to capitalize on this short window. Payroll made after eight weeks of receiving the loan will not count towards loan forgiveness. Upon advice from your own adviser, CPA or attorney, change your payroll date to maximize your payroll cycles in this time frame.
PPP Loan Forgiveness Step #5: Be familiar with, understand and follow current loan forgiveness rules, regulations and guidance under the Paycheck Protection Program from the SBA. In addition, watch for continued updates from the SBA. The SBA has published important information about the Paycheck Protection Program. This information is updated frequently, and we recommend you refer to it periodically. Click here to visit the Treasury website (to which SBA information is posted), including Frequently Asked Questions posted under Program Rules, as well as other resources. Loan forgiveness may be very complex for your business. If you face complicated loan forgiveness questions, we strongly advise you to seek guidance from your CPA or attorney.
Amegy Bank remains committed to safeguarding the health and safety of our employees and customers. That’s why we’re taking the necessary steps to help slow the spread of Coronavirus (COVID-19) by making changes to our banking center service operations.
Effective immediately, our banking centers will now assist you primarily through our motor bank teller windows with reduced hours. Our banking centers without a motor bank will temporarily close until further notice. We recognize this is a unique situation for the time being, but know we are still here to assist you.
Even though you can still visit us at our motor banks, we encourage you to consider using our Online and/or Mobile Banking app[cite::1004::cite]where you can access your account(s) information, transfer funds, pay your bills and more. If you have any questions or concerns, please do not hesitate to give us a call at 800-287-0301 (Monday-Saturday 7:00 AM to 9:00 PM CT).
Fraudsters are taking advantage of these uncertain times by impersonating the CDC, SBA, IRS and other government and healthcare organizations. Whether you’re running a business or managing your personal finances, it is important to stay alert.
Here are some helpful reminders you can act on:
More than ever during these uncertain times, Amegy Bank is here for you.
Questions or concerns about your account?
May 20, 2020 - Our thoughts on the stock market and economy disconnect.
May 14, 2020 - The fourth installment of the series featured Alita Stratton, CPA and Ann Bond, CPA with Goldin Peiser & Peiser, LLP who discussed the forgivable portion of the Paycheck Protection Program (PPP).
Online Banking for Business
Business Online Banking and Treasury Internet Banking allow businesses to manage their company's cash management needs from anywhere. You can review information, perform transactions and manage your account(s) from your computer or mobile device. For more information, please contact your business banker.
Electronic Payroll for Business
Mail delays could occur during an emergency, causing issues for employees waiting for paychecks to arrive. Instead of paper checks, use an electronic method such as direct deposit. Businesses can contact their business banker to learn more about electronic payroll.
Business Debit Card
Your business debit card offers the same convenient features as your personal debit card.
You can also rely on the convenience and flexibility of your Visa® Business Credit Card to help manage company expenses before, during and after an emergency. Accepted worldwide, your card also offers travel and emergency assistance along with other important benefits.
Here are other services that can help make your business more efficient every day, whether or not you’re dealing with a disaster: