Skip to content

CARES ACT: Paycheck Protection Program (PPP)

A Note From Chief Executive Officer Ray Vitulli


To our Valued Allegiance Customers and Friends,

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) and we will update again once additional information is received regarding the FDIC Transaction Account Guarantee (TAG) program.

The PPP will be administered by Allegiance Bank and will provide funds to assist small businesses with support for payroll and other business-related expenses while dealing with the impacts of COVID-19. We have received numerous calls from you inquiring about the program. As a premier SBA lender in the Houston region, you can count on us to be your resource and respond to your questions and needs.

Please note that the SBA and the U.S. Department of the Treasury have 14 days to issue the final rules in order to make funding available via the PPP. Until we receive notice that the PPP is formally in place, we will take applications and assist you with your questions. You can find detailed information at allegiancebank.com/sba.

The TAG program allows the FDIC to provide unlimited FDIC insurance on certain deposit accounts. We are awaiting instructions from the FDIC on the details and effective date of the TAG program and will update our website as soon as details are made available.

We expect additional information over the next few days on all of the programs within the CARES Act, so please stay tuned for more communication as details are made available.

With regards to your regular banking, we continue to provide service via our drive-thru facilities and encourage the use of our eBanking system. You will soon receive information about SecurLock Equip, a security enhancement to your Allegiance Bank personal and business debit cards, allowing you to manage your card from your mobile device with features such as transaction alerts and turning on/off your card. 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…we are here to serve you.

 

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...

Allegiance Bank Customer Spotlight: Velvet Harris

In this Allegiance Bank customer spotlight, learn more about Velvet Harris and her Houston real estate journey. Learn More >

Allegiance Bank Community Roundup

At Allegiance Bank, you’ll find our team hard at work at all of our 26 Greater Houston…

Learn More >

5 Benefits of Relationship Banking

Learn five of the reasons that you should focus on building a strong relationship with your banker. Learn More >

Banker Spotlight: Melinda Davison

At Allegiance, we’re a family comprised of the most extraordinary and experienced bankers in the industry. In… Learn More >

Inflation, Small Business, and What You Can Do

This blog discusses measures customers can take to help continue business success considering the current economic state. Learn More >

2021 Silver President’s Volunteer Service Award

The Houston Food Bank recently presented Allegiance Bank with the President’s Silver Volunteer Service Award in recognition… Learn More >

Financial Tips for a Stress-Free Vacation: Part 2

In part 1 of this series, we shared the importance of budgeting when planning for a vacation.… Learn More >

Financial Tips for a Stress-Free Vacation

With summer in full swing, you likely have a summer vacation on the calendar. While summer trips… Learn More >

Allegiance Bank 2022 50-Year Banker Award Recipients

We are proud to highlight Allegiance Bankers Claude B. Leatherwood and M. Dale McGill, recent recipients of… Learn More >

How to Analyze Your Small Business Budget

Once you've gathered your total income and expenses, it's time to analyze your business budget to ensure… Learn More >