Skip to content

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.

Ray Vitulli
Chief Executive Officer

Ray Vitulli CEO

Receive News and Insights from Allegiance Bank

Stay Connected

Enter your name and email address to receive Allegiance Bank news in your inbox.

When users fill out this form, they are requesting to be added to Allegiance Bank's email distribution list.

YOU MIGHT LIKE...

Rachel’s PPP Story

Whether you’re a first-time homebuyer or a current owner looking to sell or refinance, there are a few key questions that should help guide your decision.

Learn More >

Rent, Buy, Refinance: 5 Questions to Guide Your Decision

Whether you’re a first-time homebuyer or a current owner looking to sell or refinance, there are a few key questions that should help guide your decision.

Learn More >

Banker Spotlight: Paola Than

At Allegiance, we serve our communities and each other. In today’s Banker Spotlight we recognize Compliance Officer Paola Than.

Learn More >

Our Specialty

A Note From the Chairman | In just a matter of weeks we have now completed thousands of them for hundreds of millions of dollars that have been going straight into our community to help small businesses manage their payrolls.

Learn More >

CARES Act Customer Update

With the signing of the CARES Act (the “Act”) into law on Friday, March 27, we have updated our SBA page to provide information on the SBA Paycheck Protection Program (PPP).

Learn More >

5 Ways to Boost Your Financial Health Amidst COVID-19

Financial decisions can feel complex and hard even under normal circumstances. If the current market volatility has…

Learn More >

4 Simple Financial Fitness Activities that Parents & Students Can Do at Home

With COVID-19 driving widespread closures of our nation’s schools, many parents are facing new obstacles that they…

Learn More >

Ready, Set, Wait

Now is the time that your community bank relationship presents its value most clearly. Business planning is critical. Your banker is a valuable resource.

Learn More >

Introducing SecurLOCK Equip: Prevent Debit Card Fraud and Control Spending

Mobile technology that allows you to start/stop your debit card and receive real-time notifications.

Learn More >

CARES ACT: Paycheck Protection Program (PPP)

With the signing of the CARES Act (the “Act”) into law on Friday, March 27, we have updated our SBA page to provide information on the SBA Paycheck Protection Program (PPP).

Learn More >