CARES Act Customer Update
A Note From Chief Executive Officer Ray Vitulli
To our Valued Allegiance Customers and Friends,
Since the signing of the CARES Act (the “Act”) into law on Friday, March 27, 2020 and subsequent rollout of the SBA Paycheck Protection Program (PPP), we have been working days, nights, and weekends to obtain PPP loan approvals for the thousands of applications received from business owners in the communities we serve.
Last Thursday morning, we received notice from the SBA that the $349B in authorized funds for the PPP had been exhausted. While we are extremely pleased that we were able to obtain PPP loan approvals for more than 3,500 businesses, totaling more than $600 million in funding and impacting more than 55,000 jobs, we know that not all PPP loan applications that we received were able to be processed prior to the funding being exhausted. It was not for lack of effort.
We are hopeful that Congress will approve a reauthorization of funds for the PPP so that we can take care of those applications that did not get processed. Banks and our trade associations, such as Texas Bankers Association and Independent Bankers Association of Texas, are contacting elected officials to strongly urge Congress to approve a reauthorization of funds for this important program. If you would like to also voice your concerns, you can do so by following instructions at www.votervoice.net/mobile/IBAT/campaigns/73543/respond.
Please know that we started to fund the over 3,500 approved PPP loans last week, with continued loan funding scheduled every day until all approved loans have been processed. This amount of loan volume, starting with the application, to the approval, followed by loan documentation and loan funding has required a tremendous effort from our bankers to meet your expectations while also following the ever-changing guidance that is being provided to us by the US Treasury and SBA. We appreciate your patience as we work through all of this together.
With regards to your regular banking, we continue to provide service via our drive-thru facilities and encourage the use of our eBanking system. For those receiving Economic Impact Payments (i.e. stimulus payments), we continue to process those received electronically from the IRS to your accounts. If you have received your payment via a check, you may deposit it using our mobile app or through any of our drive-thru facilities so long as the check is properly endorsed. Please know that these stimulus payments are a target for fraud – the IRS will not contact you through email or text messages for your banking information. If you have any concerns regarding your stimulus payment, please visit www.irs.gov.
We greatly appreciate you choosing Allegiance Bank to handle your banking needs, and we pledge to be a resource to help you during these times and beyond.
Chief Executive Officer
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