At Third Coast Bank SSB, the health and well-being of our customers, employees, and communities is our top priority.  We understand that your daily routine as well as handling your finances have changed due to these unprecedented times.  Banking is an essential service and we are here for you.  We are committed to keeping you updated on any changes as they emerge and sharing available resources with you.
 

Banking Center Updates

All of our other locations are open.
 
The health and well-being of our customers, employees, and community is still our top priority.  In an effort to adhere to social distancing, we ask customers to please wear face masks and utilize our hand sanitizers when visiting our lobbies.  Please use our drive thru locations, where available, to make any transactions.  If you need assistance, please visit our one of our personal bankers at any of our locations.  . 
 
To minimize the spread of the virus, we ask that you utilize our online banking services and mobile app if you have any symptoms related to the virus or have been in contact with anybody affected by COVID-19.   
 
TCB cares about you and we'll be here when you need us.  
 
Third Coast Bank CARES Program

On October 8, 2020 SBA released a simpler loan forgiveness application for PPP Loans of $50,000 or less (SBA form 3508S) with separate instructions.

The new form is available below.
 
 
 
 
If you are a customer and would like to speak to someone regarding PPP, please contact us.
 
 

 

Small Business Paycheck Protection Program FAQs
 
SBA's FAQs

Rules of Forgiveness

The PPP Flexibility Act was signed into law on Friday June 5, 2020.  The Act changed key provisions of the Paycheck Protection Program including forgiveness provisions making it easier for businesses to obtain full forgiveness of their PPP loan. 

The earliest a PPP Borrower can apply for Loan Forgiveness is eight weeks following the date of disbursement of their PPP loan, however, SBA made changes to the "covered period" to extend it from 8 weeks to 24 weeks.  This means you now have 6 months from the date of your loan funding to use your PPP loan proceeds instead of 2 months.


The original rules did not require payments of principal or interest for 6 months.  The Flexibility Act extended the deferral period for principal and interest payments on PPP loans to the date that SBA sends the Borrower’s loan forgiveness amount to the lender (or, if Borrower does not apply for loan forgiveness, 10 months after the end of the borrower’s loan forgiveness covered period).

  • To receive Loan Forgiveness, Borrower must complete the Loan Forgiveness Application (SBA Form 3508 or Form 3508EZ) and submit it with required information to its Lender who will make a decision regarding loan forgiveness and submit it to SBA for payment. 
 
 
  • Lender has 60 days from receipt of application to issue a decision and request payment from SBA.
     
  • SBA will, subject to any SBA review of loan or application, remit forgiveness amount to lender plus any interest accrued through the date of payment not later than 90 days after lender issues decision to SBA.
  • NOTE: Please do not submit your Forgiveness Loan Application to your lender. Upon receipt of further guidance, we will notify you and provide a portal link to our website for you to upload your application. 
 
Must keep Employees on the Payroll or Rehire quickly

The amount of loan forgiveness can be up to the full principal amount of the loan plus accrued interest.  Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.  Forgiveness will be reduced if full-time headcount declines, or salaries and wages decrease.  Please see updates to re-hiring laws and Safe Harbor provisions in our message below and in the most recent IFR. 

Dear PPP Client,

The PPP Flexibility Act was signed into law on Friday June 5, 2020.  The Act changed key provisions of the Paycheck Protection Program including forgiveness provisions making it easier for businesses to obtain full forgiveness of their PPP loan. 

 On June 16th SBA released a new Form 3508 EZ Loan Forgiveness Application with separate instructions and a Revised June 16, 2020 Form 3508 Loan Forgiveness Application. 

Both application links are available above.  Per Instructions on Form 3508EZ, if you can answer yes to any one of the three statements below, you can use the EZ application.

Borrower is eligible to use 3508EZ Forgiveness Application if they:

  • Are self-employed and have no employees; OR
  • Did not reduce the salaries or wages of their employees by more than 25 percent and did not reduce the number or hours of their employees; OR
  • Experienced reductions in business activity as a result of health directives related to COVID-19 and did not reduce the salaries or wages of their employees by more than 25 percent.

We are posting the fillable versions of PPP Forgiveness Applications on this site.  As soon as SBA provides additional guidance on processing, we will be able to start accepting these Forgiveness Applications. 

Until then please do not send your forgiveness application to your lender yet.  We expect additional guidance from SBA and will notify you and post updates here.

Below are important changes that allow Borrowers greater flexibility in using PPP loan proceeds:

  • Loan Forgiveness: The covered period for loan forgiveness was extended from 8 weeks to 24 weeks (from 2 to 6 months).  You now have 24 weeks (6 months) from the date of loan disbursement to use PPP funds for eligible expenses and qualify for full forgiveness.
  • Eligible Expenses: The law lowers the requirement of funds used for payroll from 75% of the loan proceeds to 60% of the loan proceeds during the 24 week loan forgiveness period.
  • Loan Maturities: New PPP Loans approved on or after June 5, 2020 will have a 5 year maturity.  Loans approved before June 5th had a 2 year maturity.
  • Deferral Period: The law extends the deferral period for principal and interest payments on PPP loans to the date that SBA sends the Borrower’s loan forgiveness amount to the lender (or, if Borrower does not apply for loan forgiveness, 10 months after the end of the borrower’s loan forgiveness covered period).
  • Safe Harbor: The law provides for a safe harbor in loan forgiveness based on the reductions in full time equivalent employees for borrowers that are unable to return to the same level of business activity the business was operating at before February 15, 2020 due to compliance with the requirements or guidance issued between March 1 and December 31, 2020 by the Secretary of Health and Human Services, Director for Centers for Disease Control and Prevention, or Occupational Safety and Health Administration, related to worker or customer safety requirements related to COVID-19. The law also provides for safe harbor from reductions in loan forgiveness based on reductions in full time equivalent employees, to provide protections for borrowers that are both unable to rehire individuals who were employees of the borrower on February 15, 2020 and unable to hire similarly qualified employees for unfilled positions by December 31, 2020.
  • Payroll TaxRemoves the Cares Act restriction that borrowers with forgiven PPP loans are ineligible to defer payroll tax payments.

Please consult the most recent Interim Final Ruling as of 6-17-2020.

We appreciate your business.

Third Coast Bank SBA Department

More Resources
Visit the SBA's website dedicated to PPP Loans.  SBA.gov                                      Visit the Treasury's website dedicated to PPP Loans. Treasury.gov

Information subject to change per SBA guidelines. Please email any questions to answerdesk@sba.gov

Banking Services 
Third Coast Bank Online & Mobile Banking:
If you haven't already, please enroll in Online Banking and download our Mobile 
App.1
 
 
You will be able to:
  • Update your personal information so we can stay in touch.
  • Access your bank accounts; view transactions and balances.
  • If you are enrolled in Mobile Deposit, you'll be able to deposit checks.2
  • Transfer funds between your accounts.
  • Pay bills using Bill Pay services.3
1. Mobile App is available for download.  Message and data rates may apply.
2. Must be enrolled for Mobile Deposit, consumers only.  Business customers may establish Mobile Remote Deposit Capture services mRDC.
3. Bill pay payees must be established in online banking before using in the Mobile App.
 
Third Coast Bank Drive-Thru Service:
Deposits and cash withdrawals may be made through our drive-thru locations.  See all of our Third Coast locations.
 
All ATM Service:
As always you may use any ATM nationwide for cash withdrawals, and we'll waive any fee and provide an immediate refund of other's fees.
Precautionary Measures
In effort to prevent the spread of the Coronavirus, we have enacted the following precautionary measures:
  • Advised employees to take preventative action to avoid exposure and maintain proper health standards
  • Monitor travel advisories; including quarantining employees who have traveled to countries with Level 3 or higher travel advisories by the U.S. State Department where there are pronounced COVID-19 outbreaks
  • Advised employees who exhibit flu-like symptoms to stay home
  • Provide continual informational updates to employees on COVID -19 developments
Resources
The U.S. State Department Travel Advisories:  Check your travel
 
The CDC (Centers for Disease Control and Prevention) Prevention: Steps to Prevent Illness
Other Small Business Resources

SBA EIDL Program

SBA’s direct economic disaster loans to help with the effect of COVID-19.  Please click on the link to apply.  SBA Disaster Loan
 

SBA’s Coronavirus (COVID-19) Disaster Relief  Direct Lending: 

SBA disaster assistance customer service center. Call 1-800-659-2955
(TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov
Beware of Scams
Cyber criminals have been quick to take advantage of the coronavirus outbreak.  Please do not let your guard down and fall for scams.  Here are a few that we are aware of:
  • Phishing Emails - criminals are exploiting the crisis by sending emails that appear to be from a legitimate medical and healthcare organization including the World Health Organization (WHO).
  • COVID-19 Maps - hackers are using COVID-19 outbreak maps to infect computers, cell phones, and tablets with malware.  This will lead to either unsuspecting victims opening the attachment which infects their device or prompting the victim to enter their login credentials.  
  • Non-delivery Scams - bad actors advertise as a company that sells medical supplies used to prevent or protect against the coronavirus. The criminals will demand payment or deposits in advance and then never deliver the products.
  • Charitable Causes Scams - another scheme uses social media to dupe victims into donating money to bogus charitable causes.
  • Checks from the government - there are reports that the government may soon be sending money by check or direct deposit to each of us.  The details are still be worked out; however, please know that the government will not ask you to pay anything up front to get this money; the government will not call to ask for your Social Security number or bank information; anyone who does is a scammer.
Please do not be fooled by the fraudsters into handing over your sensitive personal and/or banking information like username, password, or any other personally identifying information.
IRS - Consumer Economic Impact Payment (EIP)
The Internal Revenue Service launched online tools to enable consumers who have previously filed a tax return to check the status of their economic impact payment.
 
You can use the Get My Payment tool to see the date your payment is scheduled to be deposited in your bank account or mailed to you.
 
To learn more about this individual stimulus, please visit the IRS' website page dedicated to explaining this payment called the Economic Impact Payment Information Center.
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

We're here for you.

Please contact your banker directly or call our Service Center if you need our help.
 
Third Coast Bank SSB Customer Service 1-833-844-7708