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SBA

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 […]

SBA Relief Loans: EIDL and PPP

[vc_row][vc_column][vc_column_text] 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. [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column css=”.vc_custom_1585736795299{padding-top: 30px !important;}”][vc_toggle title=”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.[/vc_toggle][/vc_column][/vc_row][vc_row][vc_column][vc_toggle title=”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 […]

EIDL: Texas Disaster Loans for COVID-19 Assistance

[vc_row][vc_column][vc_column_text css=”.vc_custom_1586423872855{margin-bottom: 40px !important;}”] 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. [/vc_column_text][vc_toggle title=”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 [/vc_toggle][vc_toggle title=”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 [/vc_toggle][vc_toggle title=”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 [/vc_toggle][vc_toggle title=”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 [/vc_toggle][vc_toggle title=”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 [/vc_toggle][vc_toggle title=”What other loan options are available?”] SBA 7(a) Paycheck Protection Program (PPP) loans are also available. Click here to learn more […]

Employee Spotlight – Amanda Aaron

Amanda Aaron, Vice President of Lending | Leander Branch Amanda is the Vice President of Lending at our Leander Branch, specializing in SBA and commercial lending. Her expertise and personable skills allow her to guide clients through the entire lending process, making them feel comfortable about what to expect during each stage of acquiring business loans. Amanda believes the ability to make a customer feel comfortable about what’s to come is invaluable. Maintaining an active role in the community, Amanda is a member of CREW Austin, CTAGGL (Central Texas Association of Government Guaranteed Lenders), Little League, and the ILDS School Board. Through CREW, Amanda had the opportunity to lead the outreach committee in supporting local charities such as Saint Louise House. Amanda says making an impact in the community at any level makes her feel proud. Amanda and her family enjoy camping, hiking and taking advantage of the outdoors whenever possible. In fact, she hiked the 27-mile trail around Lake Georgetown in one day when her now-husband proposed to her at the 16.6-mile marker – a memorable journey! Amanda’s dream vacation is anywhere she can see undisturbed nature from the porch, drink her coffee, and no schedule is required. Amanda Aaron, NMLS #1819235

Employee Spotlight – Alexis Michael

Alexis Michael, Senior Vice President, Branch Executive, Regional Credit Manager and SBA Director | Leander Branch A part of the SouthStar Bank family, Alexis Michael works at the Leander Branch as SVP, Branch Executive, SBA Director and Regional Credit Manager. She enjoys building relationships with her clients and being a true partner. For the past 12 years she has been a full time commercial real estate and SBA lender, still partnering with a number of current clients whose loans she closed over a decade ago. It brings her joy to watch the businesses grow and expand, knowing that she helped play a role in their success. Alexis served as President of the Austin chapter of CREW (Commercial Real Estate Women) in 2017. She joined CREW in 2009, and this organization holds a special place in her heart. She feels blessed to have been elected and serve as the Austin chapter President leading the 150+ member chapter. An active family, the Michael’s enjoy any and all coastal activities. Alexis is originally from the gulf coast of Florida and wants to visit as often as she can. Her family loves to go offshore fishing, shark fishing, crabbing, boating, pretty much anything that involves the salt air. The ideal vacation for Alexis is going big game fishing in the Caribbean with my family. Alexis and her husband used to run a martial arts school. She is a 1st degree black belt in Tae Kwon Do and a Sibak Black Belt in Kajukenbo, however she hung up her belt 5 years ago after her last daughter was born. Her husband still trains daily and keeps trying to get Alexis back involved. For the past 15 years she has served as an AWANA Director/Leader at her church. Many of those years were spent teaching the kindergarten class. Recently she moved to 3rd and 4th grade classes, and is now serving as a Sunday school teacher for the 4th and 5th grade. She enjoys seeing the children grow in their faith. She is also actively involved in Round Rock Christian Academy children’s school. She currently serves on the Board of Director’s and is the Treasurer of the Parent Support Team (PST). Alexis Michael NMLS#790782

Welcome Amanda Aaron!

Amanda Aaron joins SouthStar Bank’s Leander Branch as Vice President of Lending. With 15 years of experience specializing in SBA lending and conventional commercial loan financing, Amanda plans on partnering with local businesses to provide financing solutions and enhance options for real estate investors throughout the Austin area. Specializing in SBA 504, 7a and Express loans. Amanda Aaron, NMLS #1819235

Your Local SBA Team

SouthStar Bank further develops its small business lending division with an expanded team. Alexis Michael, Amanda Aaron and Pam Barbeau carry a combined 33 years in SBA lending. The qualified team is dedicated to supporting local business. They go beyond the standard SBA benefits of lower down payments and longer terms, to build lasting relationships with clients through personal service and quick responses. By understanding local Austin markets and every detail of the loan process, they allow their clients to keep focus on the business. An SBA Preferred Lending Partner (PLP), SouthStar Bank offers SBA 504, 7a and Express loan programs. The Bank began offering SBA products in 1994, which was a perfect complement to its long history of community banking.  SBA Director Alexis Michael has built a reputation as a strong leader and expert lender by being friendly, knowledgeable and approachable. “I am looking forward to the continued growth and success of our SBA program,” says Mrs. Michael, “Not only have we streamlined the loan process for faster credit decisions, we have the most dedicated team out there. We are committed to serving our customers with a superior level of products, service and care.” SouthStar Bank operates 15 full-service branches, including six Austin-area locations in Steiner Ranch, Bee Cave, Southwest Austin, Round Rock, Leander and Georgetown. Established in 1920, the bank holds over $800 million in assets and focuses on community involvement and personal relationships. Decisions are made locally, allowing the flexibility to apply common-sense standards to products, services and loan requests. In addition to residential and commercial lending, SouthStar Bank offers a full line of competitive consumer and commercial deposit products. With the latest conveniences, including online banking and mobile banking with check capture, debit card alerts and freeze capabilities, and a free worldwide Allpoint ATM network clients can easily bank on the go. Contact sba@southstarbank.com  |  512.456.0035 Alexis Michael | Senior Vice President, Regional Credit Manager & SBA Director | NMLS# 790782 Amanda Aaron | Vice President of Lending | NMLS# 1819235 Pam Barbeau | Assistant Vice President southstarbank.com/sba SouthStar Bank NMLS# 410624

Your SBA Preferred Lending Partner

SouthStar Bank further develops small business lending division with recognition as SBA Preferred Lending Partner (PLP). Expanded expertise includes SBA 7(a), Express and 504 loan programs, all with a streamlined loan process and faster credit decisions. SouthStar Bank began offering SBA products in 1994, which was a perfect complement to the bank’s long history of community banking. Senior Vice President Alexis Michael leads SouthStar Bank’s SBA Program. Over a career spanning almost 20 years, Alexis has built a reputation as a strong leader by being friendly, knowledgeable and approachable. SouthStar Bank operates 15 full-service branches, including six Austin-area locations in Steiner Ranch, Bee Cave, Southwest Austin, Round Rock, Leander and Georgetown. Established in 1920, the bank holds over $700 million in assets and focuses on community involvement and personal relationships. Decisions are made locally, allowing the flexibility to apply common-sense standards to products, services and loan requests. In addition to residential and commercial lending, SouthStar Bank offers a full line of competitive consumer and commercial deposit products. With the latest conveniences, including online banking and mobile banking with check capture, debit card alerts and freeze capabilities, and a free worldwide Allpoint ATM network clients can easily bank on the go. “I am looking forward to the continued growth and success of our SBA program,” says Mrs. Michael, “The Preferred Partner status is a result of a stronger program with broader market presence, greater lending capabilities, and more efficient, centralized processing. But most importantly, it has enabled us to better serve our customers with a superior level of products, services and care.” Alexis Michael | Senior Vice President & Branch Executive | NMLS# 790782 512.456.0035 | alexis.michael@southstarbank.com

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