Search Results For: Paycheck Protection

  • Cares Resource CenterPage

    Landing > Cares Resource Center

    BancorpSouth cares about our teammates, customers and communities, and we are here to help during these challenging times. BancorpSouth has been supporting our customers and communities for more than 144 years, and we offer several resources for customers who experience severe financial hardship as a result of COVID-19 (coronavirus).

     

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    ECONOMIC STIMULUS CHECKS

    Millions of adults in the United States will automatically receive payment as part of the federal economic relief response due to COVID-19. These videos highlight the payment plans and what to do with the money when you receive it.

    Stimulus Checks      Your Stimulus Check


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    Skip long call center wait times by using Online Banking and the MyBXS Mobile app to check your accounts. We encourage you to visit the new IRS Website to check the status of your payment.

     

    MANAGING FINANCES

    There are many finance options available to you during COVID-19. Explore your options by reviewing these videos.

    Delay Bill Payments      Retirement Account Options


    FRAUD AWARENESS

    Be on the lookout for COVID-related scams. During times of uncertainty, scammers will try to take advantage of the generosity of people. Watch this educational video to see how you can be on the lookout for fraud.

    Spot a Scam


    BUSINESS OWNERS

    The coronavirus pandemic is forcing businesses to make tough decisions about how to maintain operations as they look to protect their staff and clients. The following videos highlight useful information for all business owners.

    Employer Paid Leave      Work From Home
    Paycheck Protection Program    

    ADDITIONAL RESOURCES

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  • IMPORTANT UPDATE:Page

    Paycheck_Protection_Program

    Funding is still available for the Paycheck Protection Program, and BancorpSouth continues to accept, process and fund applications within a few days of document execution. We’re here to help you get critical funding for your small business. To date, we have funded more than 13,000 loans for over $1.2 billion as a part of this program, and we are prepared to quickly process your application.


    Download an application and contact a BancorpSouth Relationship Manager at a branch near you to get started.


    If you need guidelines and information about PPP Loan Forgiveness, please visit our Loan Forgiveness page.

     

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    As an SBA Preferred lender, BancorpSouth will provide small business loans through the Paycheck Protection Program (“PPP”). This program authorizes up to $660 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for all applicants.

     

    This program is designed to provide economic support to businesses by offering loans to enable companies to retain employees and pay certain operational expenses incurred during the COVID-19 pandemic.

     

    The PPP eliminates many of the requirements of a typical SBA loan and expands the types of businesses that are eligible for relief. The SBA continues to provide guidance regarding this program. Please check back frequently for updates. 

     

    Review this informational video to learn more about the PPP.

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  • BancorpSouth's Commitment to Safety & PreparednessPage

    Landing > Coronavirus Updates

    BancorpSouth is actively monitoring the situation with COVID-19 (coronavirus) and taking the necessary precautions. Our internal teams are working diligently to learn about the virus and its potential impact. For BancorpSouth, this means understanding how it affects our teammates, customers and communities, and being prepared to make the necessary adjustments in order to continue serving you with a minimal level of disruption.

    Safety Precautions

    The safety of our customers, teammates and communities is our highest priority. With that in mind, we have taken several steps in our business response to this threat. We want you to feel confident in our ability to continue meeting your needs.

    • We have provided hand sanitizer in each of our locations and have ramped up cleaning services, including wiping down door handles and flat surfaces with disinfectant.
    • We are keeping our teammates informed and have shared specific instructions on the importance of washing their hands and staying home if they feel sick or have recently traveled to a high-risk area.
    • Per CDC recommendations, we will ask teammates who have traveled to such high-risk locations or have been exposed to others who have traveled to such high-risk locations to self-quarantine for 14 days.
    • We have put business travel restrictions in place for our teammates and are individually evaluating the necessity for any company-sponsored events to ensure we are doing our part in helping prevent the spread of the illness.

    Alternative Service Options 

    We have several alternative options available to serve you.

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  • CaresPage

    Landing > Cares

    BancorpSouth cares about our teammates, customers and communities, and we are here to help during these challenging times. BancorpSouth has been supporting our customers and communities for more than 144 years, and we offer several resources for customers who experience severe financial hardship as a result of COVID-19 (coronavirus).

    FINANCIAL ASSISTANCE

    • Penalty-free CD withdrawal
    • Service fees waivers for credit card payments and savings transfers requested through our Customer Service Center
    • ATM surcharge fees waivers for select transactions
      • Foreign transaction fees for EBT cards will be waived at BancorpSouth ATMs
      • BancorpSouth fees for domestic ATM withdrawals will be waived for BancorpSouth Payroll Cardholders
    • Other deposit account fees may be refunded based on your needs
    • We will also be suspending all foreclosure proceedings and repossessions until the disaster is lifted and reporting loans with payment extensions to the Credit Bureaus as current.

    For questions or more information, contact your local branch or call Customer Service at 888-797-7711.

    PAYMENT ASSISTANCE PROGRAMS

    • Loan and credit card payment deferment and deferral options for customers who qualify.
      • To learn more, contact the appropriate BancorpSouth department noted below.
        • Consumer Loan customers call 855-884-8748
        • Credit Card customers call 800-365-4052
        • Mortgage Loan customers call 855-269-2165
        • Commercial Loan customers contact your Relationship Manager.
    • Reduced administrative fees on new mortgage loan applications for customers who are currently employed in the following areas:
      • Active duty military, veterans and eligible borrowers per VA eligibility guidelines
      • Full-time law enforcement officers
      • Full-time firefighters
      • Full-time public school teachers
      • First responders (EMR, EMT, National Registered Paramedics)
      • Nurses (RN, LPN)

      For more information and to submit an application for a new mortgage loan, visit Find-A- Lender.

    • BancorpSouth SBA loan payment deferral options for select loans.
      • Contact your Relationship Manager to learn about available SBA loan options from BancorpSouth.

    BUSINESS ASSISTANCE THROUGH SBA LOAN PROGRAMS 

    • CARES Act Small Business Loans
      • Several options are now available to small businesses as granted under the CARES Act.  Contact your Relationship Manager or local branch for information.
      • Additionally, BancorpSouth is an SBA Preferred Lender and will provide small business loans through the Paycheck Protection Program (PPP). This program authorizes forgivable loans to small businesses to pay their employees during the COVID-19 crisis.

    BancorpSouth will continue to monitor the COVID-19 situation and provide support to our teammates, customers and communities. Learn more about BancorpSouth’s Commitment to Safety & Preparedness.

    For more information about fraud prevention and other COVID-19 related resources, visit our BancorpSouth Cares Resource Center

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  • Mortgage Payment AssistancePage

    Mortgage > Education > Mortgage Payment Assistance
    If you have been affected by recent storms or are having difficulty making your loan payments, BancorpSouth has a dedicated mortgage payment assistance team prepared to assist you. It is not necessary to use a third party or counseling service. We can help you determine which solution is best for you in a time of hardship, whether it be temporary or long-term circumstances.

    We want to keep you in your home. Not taking action could result in the loss of your home, a negative impact to your credit score and keep you from obtaining financing in the future.

    Beware of Foreclosure Rescue Scams

    • Beware of any person or organization that asks you to pay a fee in exchange for a counseling service or modification of a loan.
    • Beware of anyone who says he/she can "save" your home if you sign over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage servicer.
    • Do not make your mortgage payments to anyone other than your mortgage servicer without the servicer's approval.

    The first step you should take is to review the options below and please call us at 1-855-269-2165 anytime between 8 a.m. and 5 p.m. CT on weekdays. Talking to us is the best thing you can do for your situation.

    Preserving Your Home

    Being a homeowner is a dream you don't want to lose, but perhaps temporary circumstances have created a hardship. If staying in your home is your goal, you have options that include:

    OR

    Relief of Debt

    If you are not interested in maintaining ownership of the property, but are interested in full or partial relief of debt, the following options may be available to you.

    Please call us at 1-855-269-2165 anytime between 8 a.m. and 5 p.m. CT on weekdays. When contacting us with mortgage payment assistance questions, please have your most recent tax return and proof of income (such as paycheck stub) available.

    If you have concerns about the evaluation of your mortgage for foreclosure alternatives, then please contact our Escalation Case Unit at 855-269-2165, ext 7715. Any concerns will be reviewed by our Representative who will acknowledge your inquiry in writing via email, fax or mail within 72 hours. We will make every attempt to address your question(s) and/or concerns within 15 days from the date of receipt.

    Would you like to consider additional resources?

    • For help exploring your options, the Federal government provides contact information for housing counselors, which you can access by contacting the Department of Housing and Urban Development at portal.hud.gov or by calling 800-569-4287. In addition, this information can be found by accessing the Consumer Financial Protection Bureau.
    • NeighborWorks® provides foreclosure solutions. Visit http://www.nw.org/network/neighborworksProgs/foreclosuresolutions/default.asp or call 1-888-995-4673 for more information.
    • "5 Tips for Avoiding Foreclosure Scams" provided by the Federal Reserve. For complete details, visit http://www.federalreserve.gov/consumerinfo/
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  • PPP Loan ForgivenessPage

    PPP Loan Forgiveness

    Thank you to all of the small businesses who have chosen BancorpSouth to provide their Paycheck Protection Program (PPP) loan. We are proud to have processed and funded over 13,700 PPP loans totaling over $1.2 billion. These funds were provided over a broad range of industries across our eight-state footprint, most of which are small businesses. Providing the payroll and working capital necessary to support these businesses within our communities has helped retain over 165,000 jobs.

    For many of the businesses that obtained a PPP loan, the next phase of the process is quickly approaching — that of the calculation and submission for forgiveness. As in the origination phase, BancorpSouth will be actively engaged and will work diligently to be a resource of information on the forgiveness process and will facilitate the submission of your information to the Small Business Administration (SBA) for forgiveness consideration.

    The SBA recently issued guidance along with the proposed forms necessary to complete the forgiveness process. As experienced during the early stages of the origination phase, the financial industry expects the SBA and the Treasury Department to update guidance throughout the process, and it is possible some of the rules and guidance surrounding the forgiveness process will be revised and/or changed. To apply for forgiveness, the borrower will be required to submit the prescribed application and attachments to the Bank along with supporting documentation. The application, which can be found at BancorpSouth.com/PPPLoan ForgivenessApp, has the following components:

    1. the PPP Loan Forgiveness Calculation Form;
    2. PPP Schedule A;
    3. the PPP Schedule A Worksheet; and
    4. the (optional) PPP Borrower Demographic Information Form.

    BancorpSouth Bank does not provide legal or accounting advice to its customers. Information provided by the Bank on this website and through other resources should not be considered a substitute for legal or accounting advice. Borrowers are encouraged and should confirm legal and accounting advice through their consultants and through their own due diligence.

    What are the Top Considerations for PPP Loan Forgiveness?
    Employee retention and salaries or wages paid to employees are the primary considerations. It is important that you maintain your staff headcount and compensation levels to maximize loan forgiveness. If the loan proceeds of the PPP loan were used in accordance with forgiveness rules and guidelines, the PPP loan is eligible for full or partial forgiveness.

    What Qualifies as Payroll Costs for Forgiveness?
    Payroll costs consist of compensation to employees (whose principal place of residence in the United States) in the form of:

    1. Cash compensation (maximum of $100,000 on an annual basis for each employee) of salary, wages, commissions or similar compensation; cash tips or the equivalent (based on employer records of past tips or, in the absence of such records, a reasonable, good-faith employer estimate of such tips); payment for vacation, parental, family, medical or sick leave; allowance for separation or dismissal;
    2. Non-cash compensation in the form of payment for the provision of employee benefits consisting of group health care coverage, including insurance premiums, and retirement; payment of state and local taxes assessed on compensation of employees

    For an independent contractor or sole proprietor, in addition to compensation for employees an amount for “owner compensation replacement” based upon eight weeks’ worth (8/52) of 2019 Schedule C net profit (maximum of $100,000 on an annualized basis or $15,384.61).

    What is the Covered Period and Alternative Payroll Covered Period:
    Covered Period: The eight week (56-day) period that begins the same day as the initial PPP loan disbursement was made.
    Alternative Payroll Covered Period: Borrowers with a biweekly (or more frequent) payroll schedule may elect to calculate eligible payroll costs using the eight-week (56-day) period that begins on the first day of their first pay period following their PPP Loan Disbursement Date (the “Alternative Payroll Covered Period).

    What is Full-Time Equivalency (FTE):
    Full-Time Equivalency is the average number of hours paid per week to each employee. For each employee, the borrower is required to use one of the following options:

    1. For each employee, enter the average number of hours paid per week, divide by 40, and round the total to the nearest tenth. The maximum for each employee is capped at 1.0, or
    2. The simplified method that assigns a 1.0 FTE for employees who work 40 hours or more per week and 0.5 FTE for employees who work fewer hours

    This calculation will be used to determine whether the Borrower’s loan forgiveness amount must be reduced due to a statutory requirement concerning reductions in full-time equivalent employees. Borrowers are eligible for loan forgiveness for certain expenditures during the Covered Period or the Alternative Payroll Covered Period. However, the actual loan forgiveness amount that the Borrower will receive may be less, depending on whether the Borrower’s average weekly number of FTE employees during the Covered Period or the Alternative Payroll Covered Period was less than during the Borrower’s chosen reference period.

    There are specific exceptions to considering if a reduction in FTE or hours worked by a specific employee impacts loan forgiveness. Loan forgiveness is not impacted in the following instances:

    1. The borrower made a good faith, written offer (must be documented) to rehire an employee during the Covered Period or the Alternative Payroll Covered Period which the employee rejected, or
    2. The employee was fired for cause, voluntarily resigned, or voluntarily requested and received a reduction in their hours, AND
    3. The position and/or hours was replaced by a new employee.

    What Should I do to Begin the Forgiveness Process?
    Borrowers should begin accumulating the documentation required for submission to support forgiveness. Documentation will include:

    1. Payroll: Documentation for the periods of January 1, 2020, to March 31, 2020, and the Covered Period or Alternative Payroll Covered Period verifying the eligible cash compensation and non-cash benefit payments by employee consisting of each of the following:
      1. Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees.
      2. Tax forms (or equivalent third-party payroll service provider reports):
        1. Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941); and
        2. State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state.
      3. Payment receipts, canceled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans.
    2. Full-Time Equivalency (FTE): Documentation showing:
      1. The average number of FTE employees on payroll during the Covered Period or Alternative Payroll Covered Period, and
      2. The “Reference Period” selected by the borrower:
        1. the average number of FTE employees on payroll per month employed by the Borrower between February 15, 2019 and June 30, 2019;
        2. the average number of FTE employees on payroll per month employed by the Borrower between January 1, 2020, and February 29, 2020; or
        3. in the case of a seasonal employer, the average number of FTE employees on payroll per month employed by the Borrower between February 15, 2019, and June 30, 2019; between January 1, 2020, and February 29, 2020; or any consecutive twelve-week period between May 1, 2019, and September 15, 2019.
    3. Nonpayroll:Documentation verifying existence of the obligations/services prior to February 15, 2020, and eligible payments from the Covered Period.
      1. Business mortgage interest payments:
        1. copy of lender amortization schedule and receipts or canceled checks verifying eligible payments from the Covered Period; or
        2. lender account statements from February 2020 and the months of the Covered Period through one month after the end of the Covered Period verifying interest amounts and eligible payments.
      2. Business rent or lease payments:
        1. copy of current lease agreement and receipts or canceled checks verifying eligible payments from the Covered Period; or
        2. lessor account statements from February 2020 and from the Covered Period through one month after the end of the Covered Period verifying eligible payments.
        3. Business utility payments: Copy of invoices from February 2020 and those paid during the Covered Period and receipts, canceled checks, or account statements verifying those eligible payments.

    What is the FTE Reduction Safe Harbor?
    The Borrower is exempt from the reduction in loan forgiveness based on FTE employees described above if both of the following conditions are met: (1) the Borrower reduced its FTE employee levels in the period beginning February 15, 2020, and ending April 26, 2020; and (2) the Borrower then restored its FTE employee levels by not later than June 30, 2020, to its FTE employee levels in the Borrower’s pay period that included February 15, 2020.

    Can I Rehire Employees Who Have Been Laid Off?
    Yes. You can rehire those employees and pay them with the PPP funds and if they are considered FTEs during the full 8-week period, you’ll be able to count them toward your requirement.

    Does a Reduction in Salary or Hourly Wage Reduce Forgiveness?
    Possibly. The actual amount of loan forgiveness the Borrower will receive may be less, depending on whether the salary or hourly wages of certain employees during the Covered Period or the Alternative Payroll Covered Period was less than during the period from January 1, 2020, to March 31, 2020. If the Borrower restored salary/hourly wage levels, the Borrower may be eligible for elimination of the Salary/Hourly Wage Reduction amount.

    For example, if an employee was earning $8,000 during the 8-week comparison period, but earns only $5,000 during the PPP covered period you’d calculate it like this:

    • $8,000 x .75 = $6,000
    • $6,000 - $5,000 = $1,000 (not qualified)
    • $5,000 - $1,000 = $4,000 (forgivable amount)

    Are Payroll Costs Paid to Furloughed Employees and Those Who are Not Performing Work but Still on Payroll Eligible for Forgiveness?
    Yes. SBA clarified these special circumstances. Employees who are not performing work but still on the borrower’s payroll are eligible up to the $100,000 annual salary limitation. Payroll costs for furloughed employees including salary, wages or commissions paid are eligible so long as they do not exceed the annual salary of $100,000 (prorated for the covered period).

    Are bonuses or Hazard Pay Eligible for Forgiveness?
    Employees’ hazard pay and bonuses are eligible so long as total compensation does not exceed $100,000 on an annualized basis.

    Can Accrued Payroll and Eligible Non-Payroll Costs Be Considered in Forgiveness?
    Yes; however, there are timing requirements that must be met. Payroll costs incurred but not paid during the Borrower’s last pay period of the Covered Period (or Alternative Payroll Covered Period) are eligible for forgiveness if paid on or before the next regular payroll date. An eligible non-payroll cost must be paid during the Covered Period or incurred during the Covered Period and paid on or before the next regular billing date, even if the billing date is after the Covered Period.

    What Happens If I’m Not Approved for PPP Loan Forgiveness?
    If you do not qualify for full or partial forgiveness based on the documentation you provide, the amount of your outstanding PPP loan balance will need to be repaid at a 1% interest rate from the time the loan was funded. Principal and interest payments are deferred for six months, but interest will accrue over the deferment period. Principal and interest payments will begin in the seventh month following the closing of your PPP loan, and will be payable over an eighteen-month period. You can pay the loan balance off early with no prepayment penalty.

    What About Forgiveness for Sole Proprietors and Independent Contractors?
    For your loan to be forgiven, you must have spent at least 75% of the funds on payroll costs, which include an amount for “owner compensation replacement” based upon eight weeks’ worth (8/52) of 2019 Schedule C net profit. The remaining amount, which cannot exceed 25% of the loan, must be spent on interest on a mortgage, a loan secured by personal property used in the business, rent and utilities.

    What is the Timeline for the Lender’s Decision on a Loan Forgiveness Application?
    The lender must issue a decision to the SBA on a loan forgiveness application not later than 60 days after receipt of a complete loan forgiveness application from the borrower.

    What is the Timeline for the SBA to Review the Request for Forgiveness and Remit Payment to the Lender of the Forgiveness Amount?
    The SBA will, subject to any SBA review of the loan or loan application, remit the appropriate forgiveness amount to the Lender, plus any interest accrued through the date of payment, not later than 90 days after the lender issues its decision to the SBA. If applicable, the SBA will deduct EIDL Advance Amounts from the forgiveness amount.

    Is There Additional Documentation that the Borrower Should Gather and Retain:
    Yes. The PPP Schedule A Worksheet or its equivalent is a critical part of the application process and should be retained to document a portion of the forgiveness calculations. Along with the Schedule A Worksheet, the borrower should retain and be able to produce the following for SBA review:

    1. Documentation supporting the listing of each individual employee in PPP Schedule A Worksheet Table 1, including the “Salary/Hourly Wage Reduction” calculation, if necessary.
    2. Documentation supporting the listing of each individual employee in PPP Schedule A Worksheet Table 2; specifically, that each listed employee received during any single pay period in 2019 compensation at an annualized rate of more than $100,000.
    3. Documentation regarding any employee job offers and refusals, firings for cause, voluntary resignations, and written requests by any employee for reductions in work schedule.
    4. Documentation supporting the PPP Schedule A Worksheet “FTE Reduction Safe Harbor.”

    Additionally, all records relating to the Borrower’s PPP loan, including documentation submitted with its PPP loan application, documentation supporting the Borrower’s certifications as to the necessity of the loan request and its eligibility for a PPP loan, documentation necessary to support the Borrower’s loan forgiveness application, and documentation demonstrating the Borrower’s material compliance with PPP requirements. The Borrower must retain all such documentation in its files for six years after the date the loan is forgiven or repaid in full, and permit authorized representatives of SBA, including representatives of its Office of Inspector General, to access such files upon request.

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