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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    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

    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.



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

    Delay Bill Payments      Retirement Account Options


    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


    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    


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  • PPP Loan ForgivenessPage

    PPP Loan Forgiveness


    As of July 31, 2020, BancorpSouth is no longer accepting Paycheck Protection Program loan applications in order to meet the SBA mandated date of August 8, 2020 for final funding of PPP loans. If you have any questions about your loan, please contact your BancorpSouth Relationship Manager.

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    The Paycheck Protection Program (PPP) authorized up to $660 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. PPP was designed to provide economic support by offering loans to enable companies to retain employees and pay certain operational expenses incurred during the COVID-19 pandemic.

    We appreciate all of the small businesses that chose BancorpSouth to provide their Paycheck Protection Program (PPP) loan. We are proud to have processed and funded over 14,200 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 170,000 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.

    On May 16, 2020, the SBA and Treasury Department issued guidance along with the proposed application form and instructions necessary to complete the forgiveness process. Subsequently, the House and Senate passed the Paycheck Protection Program Flexibility Act, easing significant parts of the forgiveness requirements, and President Trump signed the bill into law on June 5, 2020.The SBA published revised applications on June 16, 2020 providing two different application forms for requesting forgiveness.  Under certain circumstances, borrowers who qualify may submit the PPP Loan Forgiveness Application Form EZ (the EZ Form), which allows for a significantly abbreviated process for determining forgiveness.  The EZ form and Instructions for completing the EZ form can be found here.  The original forgiveness application was also modified, and this application requires more detailed information and support for calculating forgiveness.  It must be used by those borrowers who do not qualify to use the EZ form.  The PPP Loan Forgiveness Application and instructions can be found here.

    These applications incorporated the following important changes:

    • Extended the covered period for loan forgiveness from eight weeks after the date of loan disbursement to 24 weeks after the date of loan disbursement, providing substantially greater flexibility for borrowers to qualify for loan forgiveness. Borrowers who have already received PPP loans retain the option to use an eight-week covered period.

    • Lowered the requirements that 75 percent of a borrower’s loan proceeds must be used for payroll costs and that 75 percent of the loan forgiveness amount must have been spent on payroll costs during the 24-week loan forgiveness covered period to 60 percent for each of these requirements. If a borrower uses less than 60 percent of the loan amount for payroll costs during the forgiveness covered period, the borrower will continue to be eligible for partial loan forgiveness, subject to at least 60 percent of the loan forgiveness amount having been used for payroll costs.

    • Provided a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees for borrowers that are unable to return to the same level of business activity at which the business was operating before February 15, 2020, due to compliance with requirements or guidance issued between March 1, 2020 and December 31, 2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to worker or customer safety requirements related to COVID–19.

    • Provided a 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.

    • Increased to five years the maturity of PPP loans that are approved by SBA (based on the date SBA assigns a loan number) on or after June 5, 2020.

    • Extended the deferral period for borrower payments of principal, interest and fees on PPP loans to the date that SBA remits the borrower’s loan forgiveness amount to the lender (or, if the borrower does not apply for loan forgiveness, 10 months after the end of the borrower’s loan forgiveness covered period).

    The Bank will continue to provide a summary of updated guidance and forms as they are provided by the SBA.

    Last Update: July 31, 2020

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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).


    • 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.


    • 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.


    • 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:


    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 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 or call 1-888-995-4673 for more information.
    • "5 Tips for Avoiding Foreclosure Scams" provided by the Federal Reserve. For complete details, visit
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