COVID-19 Resources & Updates for Businesses

Helping to keep you informed with resources and information.

Over the last several months, our bankers have been working diligently with our clients providing support where it was needed most. We will continue to offer support and information because we know it’s important for our communities to grow. No matter how challenging the times.  

Paycheck Protection Program Updates

Read the latest updates on the PPP process.

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Banking center updates

Stay connected on the latest banking center updates.

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COVID-19 Personal Resources

See other ways we're keeping you informed.

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Additional Resources

Amegy Bank

  • Market Update Webinars
  • Important Fraud Reminders
  • Client Testimonial Videos 

External

  • SBA Economic Injury Disaster Loan
  • Texas Small Business FAQs
  • Centers for Disease Control (CDC)

  

Updates to the Paycheck Protection Program

Updated as of 6/5/20:
Congress passed the Paycheck Protection Program Flexibility Act, giving small businesses more flexibility and time to use money received from the Paycheck Protection Program (PPP) and an extended payment deferral. 

Changes made to the Paycheck Protection Program include the following:

  • Provide flexibility for a borrower to use up to 40% rather than 25% of loan proceeds on allowed non-payroll costs such as covered mortgage interest payments, covered rent payments and covered utilities.
  • Provide a Forgiveness Covered Period for eligible payroll and non-payroll costs incurred from the loan origin date through the earlier of 24 weeks from the date of loan origination or December 31, 2020 (rather than the previous 8-week period from the date of loan origination).  For loans extended before the effective date of the PPP Flexibility Act, the borrower may still elect a covered period that ends 8 weeks after origination of the loan.
  • Extend principal and interest payment deferral from 6 months to the date on which the amount of forgiveness is remitted to the lender. If a borrower does not apply for forgiveness within 10 months after the end of the Forgiveness Covered Period, the deferral would end on the date that is 10 months after the end of the Forgiveness Covered Period.
  • Extend the safe harbor for rehiring employees if the borrower is able to document an inability to rehire individuals, to hire similarly qualified employees, or to return to the same level of business activity operated before February 15, 2020.
  • For loans originated after the effective date of the PPP Flexibility Act, extend from two to five years the time the unforgiven portion of PPP loans must be paid back. The maturity on previous PPP loans is not automatically extended but may be extended by mutual agreement of the lender and the borrower.

These highlighted changes are for informational purposes only. If you have questions regarding the PPP Flexibility Act, you should consult your CPA, attorney or other advisor. Guidance from the SBA with regard to the PPP Flexibility Act will likely be issued and you should continue to review any such rules and guidance the SBA may issue.

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Important Fraud Reminders

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:

  • Review your account(s) daily through Online or Mobile Banking.
  • Don’t provide confidential information to anyone who is calling you. If we reach out to you, we won’t ask you to provide your username, password, personal identification number (PIN) or other account information.
  • Don’t give out your bank account, debit account, or PayPal account information - even if someone claims it's necessary to get your stimulus check or other government benefit.
  • Update your contact information, so we can inform you quickly if we suspect unusual transactions.
  • Monitor your account for suspicious activity by setting up Mobile Card Fraud alerts.
  • Create a strong, unique password. Use a combination of upper & lowercase letters, numbers and special characters.
  • Update passwords regularly and avoid sharing your passwords.
  • Go paperless to help avoid mail fraud.
  • Don’t click on links in emails or online that you are not familiar with. This includes emails with links related to Coronavirus, IRS Relief Funds, or Tax Payments.


Additional Resources:

  • FBI Public Service Announcement on Fraud Schemes
  • IRS Economic Impact Payments Information
  • Amegy Bank Online Security Center


More than ever during these uncertain times, Amegy Bank is here for you.

Questions or concerns about your account?

  • Speak with your banker
  • Contact Customer Service Monday to Saturday from 7 a.m. to 9 p.m. CST at 800-287-0301.

 

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