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Monthly Archives: March 2020

SBA Relief Loans: EIDL and PPP

  The Small Business Administration (SBA) has implemented relief loans for businesses affected by the COVID-19 situation. Loans include Economic Injury Disaster Loans (EIDLs) to provide access to working capital, and SBA 7(a) Relief Paycheck Protection Program (PPP) to retain workforce through debt forgiveness for payroll and other eligible expenses during a defined covered period. A Preferred SBA Lender, SouthStar Bank is here to help and discuss available options for your business. NOTICES: The deadline to apply for the Paycheck Protection Program (PPP) was August 8, 2020. Learn more about PPP loans. Economic Injury Disaster Loans (EIDLs) Through Economic Injury Disaster Loans (EIDL), the SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the Coronavirus disaster not occurred. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. EIDL Qualification Businesses who may qualify include: Small businesses and private, non-profit organizations within designated disaster areas of a state or territory Businesses suffering substantial economic injury as a result of COVID-19 EIDL Application To apply for an EIDL, visit disasterloan.sba.gov/ela. Required documentation includes: Completed SBA loan application (SBA Form 5) Tax Information Authorization (IRS Form 4506T) for the applicant, principals and affiliates Complete copies of the most recent Federal Income Tax Return Schedule of Liabilities (SBA Form 2202) Personal Financial Statement (SBA Form 413) Other Information that may also be requested: Complete copy, including all schedules, of the most recent Federal income tax return for principals, general partners or managing member, and affiliates (see filing requirements for more information) If the most recent Federal income tax return has not been filed, a year-end profit-and-loss statement and balance sheet for that tax year A current year-to-date profit-and-loss statement Additional Filing Requirements (SBA Form 1368) providing monthly sales figures Learn more about Economic Injury Disaster Loans.   SBA 7(a) Relief Paycheck Protection Program (PPP)   The CARES ACT authorizes up to $349 billion in forgivable loans to small businesses who maintain payroll during the COVID-19 crisis. Paycheck Protection Program (PPP) loans may be used for employee payroll, salaries, mortgage interest payments, rent and utilities. Loans will be eligible for forgiveness if workforce and pay levels are maintained. PPP Qualification Businesses who may qualify include: Businesses in need of funds to maintain workforce Businesses utilizing funds for payroll, mortgage obligations, rent or utilities All businesses with 500 of fewer employees. Businesses in certain industries may qualify with more than 500 employees if they meet applicable SBA employee-based size standards for those industries. PPP Application PPP applications will be accepted through your local lender beginning April 3, 2020. The SBA is continuing to provide guidance to the banks. At this time, we recommend gathering the following: Completed Paycheck Protection Program Application (SBA Form 2483) 2019 IRS Quarterly 940, 941, or 944 payroll tax reports Payroll reports for a twelve-month period (ending on your most recent payroll date), which will show […]

Employee Spotlight – Dawn Embry

Dawn Embry, Vice President & Closing Manager| SouthStar Bank Mortgage Office Dawn Embry has been with SouthStar Bank for six and a half years. She currently serves as Vice President and Closing Manager, based in the Dripping Springs Mortgage Office. One of Dawn’s biggest professional accomplishments has been working her way up to her current position. Through her hard work and perseverance, she was able to start as a part time customer service representative, moving up steadily to her current role as Closing Manager. Dawn considers it a privilege to work with the SouthStar Bank staff and loan officers. She loves how every loan she works on is different. She also enjoys reviewing the appraisals of the beautiful homes around the Texas Hill Country. In her time away from work, Dawn enjoys spending time with family, her two dogs, Obi and Lucy, cooking, listening to music, walking and doing yoga. In addition, she likes to spend time with her two miniature donkeys, Daisy and Pimento. Dawn is a member of the Dripping Springs United Methodist Church. She one day hopes to visit a remote tropical island that is surrounded by turquoise blue water. NMLS#1295431

Loan Modification Options

Personalized assistance to aid customers affected by COVID-19 As a community financial services provider, SouthStar Bank strives to function as an integral part of the communities around us – including in trying times like these. With the financial unknowns of the coronavirus, we want our borrowers to know that SouthStar Bank is committed to helping qualified customers weather the challenges ahead. If you are suffering financial hardship caused by COVID-19, please contact your local SouthStar Bank  Branch or Loan Officer to discuss loan modification options. Unprecedented times call for unique solutions and we are ready to help. Initiatives are in place to assist the people and communities we serve withstand the extraordinary pressures triggered by COVID-19 and be better positioned to recover from its effects. SBA Disaster Loans In addition, the Small Business Administration (SBA) has implemented relief loans for businesses affected by the COVID-19 situation. Loans include Economic Injury Disaster Loans (EIDLs) to provide access to working capital, and SBA Paycheck Protection Loans (PPP) to retain workforce through debt forgiveness for payroll during a defined covered period. Please refer to SBA.gov for the latest information. The SouthStar Bank SBA Team is here to help and discuss available options for your business. Contact us at sba@southstarbank.com. As always, our mission is to provide friendly, flexible, common-sense financial solutions – Texas Style!

Employee Spotlight – Davonica France

Davonica France, Assistant Vice President & Branch Manager| SouthStar Bank Harker Heights Branch Davonica France works at the SouthStar Bank Harker Heights Branch. She serves as an Assistant Vice President and Branch Manager. Davonica has been with SouthStar Bank for six years and enjoys being able to assist her customers with their needs successfully. One of Davonica’s biggest work achievements is her recent promotion to AVP and Branch Manager— and we’re so proud! She loves expanding her knowledge and ability to go above and beyond for customers. Outside of work, Davonica serves as an Ambassador for the Harker Heights Chamber of Commerce. She also works with the refuge corporation at her church to help with the need in the area. Davonica is soon to be blessed with two children: her three-year-old son and a daughter on the way. She loves spending time with her son outside or playing with cars. She one day hopes to take her son and daughter to Disney World. Davonica also has multiple hidden talents including the ability to draw and sing.

EIDL: Texas Disaster Loans for COVID-19 Assistance

The Small Business Administration (SBA) is providing Economic Injury Disaster Loans (EIDL) to businesses affected by Coronavirus (COVID-19). While Texas has been added to the current declared disaster areas , this is no longer required for eligibility. Businesses in all 50 states may begin the application now. What are Economic Injury Disaster Loans (EIDLs)? Loans available through the SBA to businesses suffering substantial economic injury Substantial economic injury is defined by a business’s inability to meet obligations and pay the regular operating expenses required. Provide necessary working capital to help small businesses stay afloat during disasters causing temporary loss of revenue The interest rates will not exceed 3.75% percent per year. Long-term payments are available (not to exceed 30 years). Repayment terms are determined by the borrower’s ability to repay the loan. The interest rate is 3.75% for small businesses and 2.75% for non-profits Businesses with credit available elsewhere are not eligible What does this mean for my business? The SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the Coronavirus disaster not occurred Loan amount is based on actual economic injury and your business’s financial needs, regardless of whether the business suffered any property damage. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact Who Qualifies for an EIDL Loan? Small businesses and private, non-profit organizations within designated disaster areas of a state or territory – due to the current COVID-19 crisis, all 50 states are eligible Businesses suffering substantial economic injury as a result of Coronavirus Businesses who are unable to otherwise secure credit How Long will EIDL Funding Take? Typically, up to 4 weeks, through the three steps below. Apply Online Loan Processing Information is verified and credit checked Forecasts are completed to determine the loan amount An SBA case manager will contact you to make a recommendation and discuss next steps Decisions typically take 4 weeks Loan Closes and Funds Sign and submit loan documents Initial disbursement of $25k within 5 days An SBA Case Manager is assigned to assist you moving forward How do I apply for an EIDL Loan? Apply online: https://www.sba.gov/funding-programs/disaster-assistance You may also contact the SBA disaster customer service center: 1.800.659.2955 disastercustomerservice@sba.gov TTY: 1.800.877.8339 In addition to the loan application, you will need to complete IRS Form 4506-Ts for: Owner Each principal that owns 20% or more Each general partner or managing member Each owner who owns more than 50% of an affiliate business At least two years complete business tax returns with all schedules Personal Financial Statement for each applicant Schedule of Liabilities for all fixed debts Optional: Items above plus 2 years complete financial statements P&L, Balance Sheet, Cash Flow Monthly revenue records for at least two years What other loan options are available? SBA 7(a) Paycheck Protection Program (PPP) loans are also available. Click here to learn more about the difference between EIDL and PPP. Borrowers may apply […]

Employee Spotlight – Christy Owen

Christy Owen, Assistant Vice President & Portfolio Manager| SouthStar Bank Georgetown Branch Christy Owen is an Assistant Vice President and Portfolio Manager at SouthStar Bank. Christy is based in our Georgetown Branch, and has been with SouthStar Bank for a little under a year. She has over 19 years of experience in the banking and finance industry. Christy was born and raised in Georgetown and loves her community. She attended college at Southwestern University in Georgetown and has worked for various banks in the area. Christy loves that through her job she can help the people of her community with their financial needs. Christy has been married to her husband Ray for 31 years and together they have two kids, Charly and Cooper. In her free time, she enjoys fishing and vacationing in Colorado and New Mexico. NMLS# 1766851

SouthStar Bank COVID-19 Update

LIMITED LOBBY ACCESS: Drive Thru and Online Banking Recommended We greatly appreciate the trust and confidence you have placed in SouthStar Bank. As we continue to monitor, plan and implement our strategy to address COVID-19, we want to assure you that the safety and well-being of our customers and employees are our top priorities. With these intentions, we have decided to take precautionary action and limit non-essential traffic within all SouthStar Bank branch lobbies. The Bank remains open to serve and help our customers through this crisis. Limiting access to our lobby and public areas will serve to protect employees and customers as we increase sanitation and implement social distancing as suggested by the CDC. Our drive thru will remain open. In addition, some branches may be operating with reduced hours. Currently, branches with reduced drive thru hours include: SouthStar Bank Harker Heights: Drive Thru Open Monday-Friday, 8am – 5pm If you wish to meet with a banker or conduct in-person transactions, please call the branch for an appointment. REMOTE BANKING SERVICES We are committed to providing uninterrupted, exceptional services while balancing the interests of our clients, our employees and others we serve. For your convenience, we provide a variety of options to help manage your accounts and maintain productivity. Allpoint ATM Network: world-wide, surcharge free ATMs CardValet®: Manage and monitor debit card activity Direct Deposit: Deposit paychecks automatically into your account Mobile App: Deposit checks with a picture and transfer funds Online Banking: Review transactions, transfer funds, pay bills and open accounts Zelle: Person-to-person money transfer Telebanking: 24/7 account access (866.333.9064) If you haven’t already: Download the SouthStar Bank Mobile App > Enroll in SouthStar Bank Online Banking > FRAUD PREVENTION The Federal Trade Commission has warned about scammers who are taking advantage of fears surrounding the Coronavirus. We ask communities to be vigilant against this type of fraud. Remember, if we reach out to you, we won’t ask for confidential information such as your name, password, personal identification number (PIN) or other account information. CONTINUED MONITORING & UPDATES SouthStar Bank has faced many challenges throughout its 100-year history. We are in this together and have every confidence that we will meet this new challenge and once again demonstrate our commitment to the communities we serve. We plan to regularly review, expand, and evolve these and other preventative measures as we learn more from the World Health Organization, Centers for Disease Control, and other health experts about how to combat the spread of this virus. In the meantime, please know we are committed to doing all that we can to keep our communities safe. We will continue to provide updates to you through our website, over social media channels and by email. We appreciate your feedback. For comments or questions please reach out to your branch representative or email contact.us@southstarbank.com.

Health & Safety Amid COVID-19

The health and well-being of SouthStar Bank employees, community, and customers are our primary concern. While there is currently no foreseen impact to the Bank’s operation of services, we continue to closely monitor and evaluate developments of COVID-19 (also known as Coronavirus) and follow guidance from the Centers for Disease Control (CDC) and local health and government authorities. There are several precautionary measures we are taking to ensure we safely manage through this situation while continuing to serve our community and customers effectively. Proactive steps include deployment of additional hand sanitizers and enhanced cleaning of common areas and high-touch surfaces throughout the day. Thank you for your partnership and assistance as SouthStar Bank works to confront these important issues. Members of our community can maximize the effectiveness of these efforts by adhering to preventive hygiene guidance as published by the CDC, including: Cover your cough or sneeze with a tissue, then throw the tissue in the trash and wash your hands. Avoid touching your eyes, nose and mouth. Clean and disinfect frequently touched objects and surfaces. Wash your hands frequently with warm water and soap for 20 seconds. Use hand sanitizer with at least 60% alcohol when soap and water are not readily available. Avoid close contact with people who are sick. In addition, it is recommended to: Stay informed: CDC information: https://www.cdc.gov/coronavirus/2019-ncov/index.html All members of the community are encouraged to visit the site regularly for FAQs, including the best ways to protect your personal health, and updates as new information becomes available. Stay home if you are sick: If you feel ill or experience flu-like symptoms (elevated temperature, fever, cough, shortness of breath), you are advised to stay home and seek medical care. For your convenience, we offer remote banking capabilities at no additional charge. 24-Hour Telebanking (866.333.9064) Allpoint ATM Network CardValet® Online Banking (southstarbank.com/online-banking-login/) Mobile App with Deposit Capture We understand that there is a great amount of concern, uncertainty and anxiety throughout the community. The safety and wellbeing of our employees and customers are our highest priorities and we appreciate your partnership and assistance as SouthStar Bank works to confront these important issues. We appreciate your feedback. For comments or questions please reach out to your branch representative or email contact.us@southstarbank.com.

Employee Spotlight – Chelsey Carothers

Chelsey Carothers, Marketing Director| SouthStar Bank Voss Office Chelsey Carothers is the Marketing Director at SouthStar Bank. A graduate of The University of Texas at Austin she has been with SouthStar Bank for the last five years. Chelsey loves that with her role she is able to work with people across all levels, departments, and regions of the bank. One of her biggest career achievements is that she received the SouthStar Bank Ride for the Brand Award in 2019. Outside of work, Chelsey enjoys giving back to her community. She is a Board Member for the Port Aransas Rod & Reel Fishing Club which works to support game fish conservation. She also volunteers with the Star Warriors Project and the Houston Livestock Show and Rodeo. Chelsey likes to spend her free time in the outdoors fishing, boating, hunting, and walking her Great Dane Gunner. Always in a state of wanderlust, she has multiple destinations she hopes to visit one day including Argentina.

Welcome Taryn Vandenberg

Taryn Vandenberg, Personal Banker | SouthStar Bank Southwest Austin Branch The SouthStar Bank team is growing with the addition of Taryn Vandenberg. Taryn is located at the Southwest Austin Branch as a Personal Banker. She is a graduate of Texas Tech University and is excited to bring her customer service experience to SouthStar Bank. In her free time, she likes to work out and take her dog, Shadow, to Town Lake. Taryn also loves to travel; her favorite destination is the Grand Cayman Islands. Welcome Taryn!

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