At Third Coast Bank, 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.
 
Third Coast Bank CARES PPP Program

January 11th: New round of PPP

Third Coast Bank is pleased to announce that we will be participating in this round of PPP loans and expect many of our borrowers to qualify for additional funding. NEW Borrowers: According to the legislation, PPP loans will be available to businesses with 500 or fewer employees that have not previously received a PPP loan to help with payroll, rent, utilities, healthcare costs and more.

Second Draw Loans

The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.


Full Forgiveness Terms

Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan;
  • The loan proceeds are spent on payroll costs and other eligible expenses; and
  • At least 60 percent of the proceeds are spent on payroll costs.


Targeted Eligibility

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  • Has no more than 300 employees (first round was 500 employees); and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.


Maximum Loan Amount and Increased Assistance for Accommodation and Food Services Businesses

For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. A borrower will be allowed to utilize the period that provides the greater loan amount. The maximum employee salary still remains capped at $100,000 in the calculations.  For borrowers in the Accommodation and Food Services sector (NAICS 72), the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.  



How and When to Apply

Borrowers can apply for a Second Draw PPP Loan until March 31, 2021, through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, eligible non-bank lender, or Farm Credit System institution that is participating in PPP.  In an effort to be proactive, Third Coast Bank will send an email notification and link to apply for Second Draw PPP loans electronically from our portal link beginning Tuesday afternoon, January 12th, before the SBA opens the actual system to lenders for processing requests later in the week.  This will allow Second Draw PPP loan requests to be reviewed and approved for submission before the actual SBA portal is open.  The second draw application Form 2483 SD is linked as a reference only to assist with being prepared to complete the electronic application through the bank portal as early as January 12th along with providing any supporting information. To provide optimal processing times, unless special circumstances are necessary, the bank requires all information be received through the portal and not via email or hand delivery.



Second Draw PPP Loan application and documentation requirements

The documentation required to substantiate an applicant’s payroll cost calculations is generally the same as documentation required for First Draw PPP Loans. However, no additional documentation to substantiate payroll costs will be required if the applicant (i) used calendar year 2019 figures to determine its First Draw PPP Loan amount, (ii) used calendar year 2019 figures to determine its Second Draw PPP Loan amount (instead of calendar year 2020), and (iii) the lender for the applicant’s Second Draw PPP Loan is the same as the lender that made the applicant’s First Draw PPP Loan. In such cases, additional documentation is not required because the lender already has the relevant documentation supporting the borrower’s payroll costs.


For loans with a principal amount greater than $150,000, the applicant must also submit documentation adequate to establish that the applicant experienced a revenue reduction of 25% or greater in 2020 relative to 2019. Such documentation may include relevant tax forms, including annual tax forms, or, if relevant tax forms are not available, quarterly financial statements or bank statements. For loans with a principal amount of $150,000 or less, such documentation is not required at the time the borrower submits its application for a loan, but must be submitted on or before the date the borrower applies for loan forgiveness, as required under the Economic Aid Act. If a borrower does not submit an application for loan forgiveness, such documentation must be provided upon SBA’s request.



Ensuring Access for All

SBA continues to call upon its lending partners, including Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs), to redouble their efforts to assist eligible borrowers in underserved and disadvantaged communities. At least $25 billion is being set aside for Second Draw PPP Loans to eligible borrowers with a maximum of 10 employees or for loans of $250,000 or less to eligible borrowers in low- or moderate-income neighborhoods. To promote access for smaller lenders and their customers, SBA will initially only accept Second Draw PPP Loan applications from community financial institutions starting on January 13, 2021. The PPP Portal will open to all participating lenders for Second Draw PPP Loans shortly thereafter.

Please note: Your lender will email you a link to the Application Portal. 

 

Banking Center Updates

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.  
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

Please do not provide your banking information to a fraudster. 
We will not call, text, or email you and ask this information.