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Monthly Archives: April 2020

Welcome Gabriel Anderssen

Gabriel Anderssen, Personal Banker | SouthStar Bank Bee Cave Branch After working four years in the banking industry, Gabriel Anderssen is joining the SouthStar Bank team as a Personal Banker. He is located at the Bee Cave Branch and is looking forward to getting to know all of the customers in Bee Cave. Gabe’s favorite part about banking are the personal customer interactions. Gabriel likes to split his free time between the indoors & outdoors. He enjoys gaming, hiking, and doing some creative writing. A travel enthusiast two of his favorite places he has visited are London and Singapore. Welcome Gabriel!

Employee Spotlight – Erica Boller

Erica Boller, Loan Operations Processor| SouthStar Bank Calvert Branch Erica Boller has been with SouthStar Bank for the last nine months. She serves as a Loan Operations Processor in the Calvert Branch. Erica enjoys spending time with her husband and daughter and is excited to be welcoming another little one into her family soon. In her free time, she enjoys running 5Ks, fishing, and hunting. Erica and her husband have a goal to stay in all of the U.S. states. Currently they only have Alaska, Hawaii, and the Dakotas left. Erica also has many dream travel destinations outside of the U.S. such as Africa, Germany, Italy, and France.

Welcome Melinda Benoit

Melinda Benoit, Personal Banker | SouthStar Bank Georgetown Branch The SouthStar Bank Georgetown Branch is expanding with the addition of Personal Banker, Melinda “Mindy” Benoit. Melinda who goes by Mindy is excited to bring eight years of banking experience and her superb customer service skills to the team. Outside of work, Mindy likes to spend her time volunteering at the Williamson County Regional Animal Shelter. Welcome to the SouthStar Bank team Mindy!

Welcome Susan Forrest

Susan Forrest, Personal Banker | SouthStar Bank Bee Cave Branch Susan Forrest is joining the SouthStar Bank Bee Cave team as a Personal Banker. This is her first time working in the banking industry, but she is excited to bring her excellent customer service skills to Bee Cave. A graduate of California Polytechnic State University, Susan hopes to make all of her customers feel welcome and appreciated. In her free time, Susan enjoys hiking challenging trails Welcome Susan!

Welcome Aften Serrano

Aften Serrano, Assistant Vice President & Branch Manager | SouthStar Bank Leander Branch Aften Serrano joins the SouthStar Bank team as Assistant Vice President and Branch Manager at the Leander Branch. Aften brings 16 years of experience in the banking and finance industry to SouthStar Bank. Aften is most excited to bring her Texas community banking experience to the people of Leander. She is also looking forward to meeting and making lifelong customers. One of Aften’s biggest personal achievements is that she was able to start wildlife refuge efforts on her property. When she’s not working, Aften enjoys crafting, tubing, and running her home décor blog. She also enjoys traveling, and one of her favorite destinations is Costa Rica. An experienced traveler, Aften can pack for a week long trip in under 15 minutes. Welcome Aften!

Employee Spotlight – Deanna Whitson

Deanna Whitson, Assistant Vice President of Lending| SouthStar Bank Harker Heights Branch & Salado Loan Office Deanna Whitson is an Assistant Vice President of Lending at SouthStar Bank where she splits her time between the Harker Heights Branch and the Salado Loan Office. She has been with SouthStar Bank for two years and in that time has enjoyed building personal relationships with her clients. Deanna enjoys helping her customers reach their financial goal. Outside of work, Deanna enjoys being active in her community. She currently serves as a member of the Salado Chamber of Commerce, President of the Killeen – Fort Hood A&M Club, and Board member of Bell & Coryell Court Appointed Special Advocates. She also serves as Chairman for the Salado Rotary Club BBQ Cook-off and Salado Christmas Parade. Deanna loves helping her community wherever it is needed. One of her favorite volunteer events last year was the Salado Stroll at Santa’s Workshop. In her free time, Deanna enjoys a variety of hobbies such as reading, fishing, cooking, making jewelry, riding roller coasters, attending Aggie football games, and spending time with her family and friends. Deanna married her high school sweetheart and together they have two kids. Her idea of a dream vacation is being anywhere in the world as long as it’s with her family. NMLS#1103822

PPP Round 1: Loans for COVID-19 Payroll Assistance

[vc_row][vc_column][vc_column_text css=”.vc_custom_1616594146967{margin-bottom: 40px !important;}”] NOTICES: The deadline to apply for the Paycheck Protection Program (PPP) Round 1 was August 8, 2020. Click here for more information on PPP Round 2, available through March 31, 2021. The Paycheck Protection Program (PPP) authorizes up to $349 billion in forgivable loans to small businesses who maintain payroll during the COVID-19 crisis. Funds may be used for employee payroll (including paid sick or medical leave), employee salaries, mortgage interest payments, rent and utilities. [/vc_column_text][vc_toggle title=”What is the Paycheck Protection Program (PPP)?”] Provides small businesses the opportunity to maintain workforce by providing funds for payroll, mortgage interest, rent and utilities Interest rate is a flat 1.0% for a max 2-year term. However, full amount may be forgiven (see PPP Loan forgiveness below) PPP loans are SBA loans, serviced through your local SBA lender – it is recommended to reach out to your primary bank or local lender first Only one PPP loan can be taken out per business (not per individual) Personal guarantees are not required [/vc_toggle][vc_toggle title=”What does this mean for my business?”] Businesses may qualify for forgivable loans in order to retain employees. The SBA can provide up to $10 million OR 2.5 times the average monthly salary over the 1-year period before the loan – whichever is less Each employee salary may not exceed $100k These loans may be used for payroll costs (including benefits), interest on mortgage obligations (incurred before Feb. 15, 2020), rent (under lease agreements in force before Feb. 15, 2020) and utilities (for which service began before Feb. 15, 2020) The first 6 months payment will be deferred, however, the loan will accrue interest [/vc_toggle][vc_toggle title=”Who Qualifies for a PPP Loan?”] All businesses which either: Have 500 or fewer employees Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries. Meet applicable NAICS Code-based size standard or other applicable SBA 7(a) loan size standard, both alone or together with its affiliates Eligible businesses include nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors. In addition, businesses should show documentation of: Operation as of February 15, 2020 with paid employees or independent contractors Necessity of loan to support ongoing operations Funds will be used for payroll, mortgage obligations, rent or utilities [/vc_toggle][vc_toggle title=”How Long will PPP Funding Take?”] PPP applications will be accepted through your local lender and funding typically takes 2 days from receipt of completed application. Timeline is subject to change based on current volume. [/vc_toggle][vc_toggle title=”How do I apply for a PPP Loan?”]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 the following information: Gross […]

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