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October 5, 2020

PPP Forgiveness Update

 

As a reminder, our PPP online forgiveness portal is now open. As we move through the forgiveness process, there are few changes and other information we’d like to share with you.

 

Payment Deferral Period

Initially, the SBA allowed for a six (6) month PPP loan payment deferral period, thus the first payment would come due on the seventh month after loan disbursement.

The SBA later amended the deferral period to read: “If the borrower does not apply for loan forgiveness within 10 months after the last day of the covered period, or if SBA determines that the loan is not eligible for forgiveness (in whole or in part), the PPP loan is no longer deferred and the borrower must begin paying principal and interest.”

 

Following that adjustment, we incorrectly interpreted this amendment. We now understand and should clarify that if your PPP loan is not forgiven in its entirety, then your first payment will be due seventeen (17) months from the date of loan disbursement, based on a total of sixteen (16) month deferral period.

For further details, please read the SBA document Business Loan Program Temporary Changes; Paycheck Protection Program – Revision to Loan Forgiveness Interim Final Rule and SBA Loan Review Procedures Interim Final Rule.

 

Covered Rent Payments

If the PPP borrower pays rent to a related entity (any business, corporation, partnership, limited liability company or other entity in which the Company or a Parent or Subsidiary of the Company holds a substantial ownership interest, directly or indirectly), only the mortgage interest paid by the related entity will be eligible for forgiveness. Documentation must be provided showing that the related entity (a) obtained the mortgage prior to February 15, 2020 and (b) the amount of mortgage interest paid during the covered period. For full details, please see the SBA’s document Business Loan Program Temporary Changes; Paycheck Protection Program – Treatment of Owners and Forgiveness of Certain Nonpayroll Costs.

 

If you have any questions or need additional resources, please access our PPP Forgiveness Resources webpage at www.moodybank.com/coronavirus/ppp-forgiveness. Our bankers are also available for any questions or concerns.

Thank you for choosing Moody Bank!

 

September 21, 2020

Lobby Re-Openings

UPDATE:Beginning Monday, September 28th, we plan to reopen our Austin Capitol Banking Center and New Braunfels Plaza Banking Center with normal business hours. The remaining banking centers are scheduled to reopen with normal business hours on Monday, October 5th.

 

Per Governor Abbott’s orders, we ask all customers and visitors age 10 and older to wear a face covering while inside our lobbies. We may ask you to briefly remove your face covering to verify your identity before entering our building.

 

We have implemented several protective measures at all locations. All lobbies are outfitted with sneeze guards at teller lines and lobby desks. We also have sanitizing solutions available to our customers and signage throughout the lobby encouraging social distancing. All locations are well stocked with cleaning and disinfecting supplies and our employees have been trained to clean frequently touched and shared surfaces throughout the day.

Additionally, coffee bars and water kiosks will not be available and candy dishes and magazines have been removed. Additionally, the number of customers and staff in our lobbies will be limited. If our lobby is at capacity, we may ask you to wait in your car until we are ready to serve you.

We are excited to see you again and want to ensure everyone remains safe and healthy. We encourage you to continue using our online, mobile and telephone banking services for your everyday needs. Drive-through banking also offers you the option to conduct your banking business in the comfort of your vehicle.

 

For a full list of lobby and drive-through locations and hours, please visit us at www.moodybank.com/about-us.

The safety of our customers and our employees remains our top priority as we carefully reopen our locations and return to a new normal. Thank you for adhering to social distancing practices and we look forward to seeing you again soon!

 

September 18, 2020

PPP Forgiveness Update

 

Our online PPP loan forgiveness portal is now open! Please review our document checklist before accessing the portal. The checklist provides an overview and explanation of the documents you will need to upload in conjunction with your forgiveness application. Additionally, please complete our forgiveness calculator and submit with your loan forgiveness application in order to expedite the loan forgiveness process.The checklist and caclulator can be accessed at www.moodybank.com/coronavirus/ppp-forgiveness.

 

Once you’ve gathered the information and documentation needed to submit your forgiveness request, please click HERE to be directed to the portal where you can start the forgiveness application process. 

 

Once you arrive at the portal, you will be required to enter the email address used on your original PPP loan application. You will then receive a follow up email with a link to verify your authority to process the forgiveness application on behalf of your company. You will need to provide the following information in order to confirm your identity and gain access to the portal:

  1. The email address you listed on your PPP loan application
  2. Business TIN (EIN, SSN) as listed on your PPP loan application
  3. SBA loan number (this is the same as your Moody Bank loan number

The questionnaire should take less than 30 minutes to complete once you gather all necessary information. Much of the information will be pre-filled upon login. If you need to exit the portal before submitting your application, please note that you will receive an email with a 7-digit alpha-numeric code to use on your next login. This code allows you to access the portal again without losing any progress made on a previous login. You will receive a new code each time you exit the portal without submitting your application.

 

Once you complete and submit the questionnaire and upload all supporting documentation, our bankers will review everything and reach out if further information is needed. Upon successful completion of the forgiveness questionnaire, our team will contact you via email to e-sign the forgiveness application.

We will submit your forgiveness application to the SBA within 60 days of receipt. The SBA then has 90 days to render a final decision. We appreciate your patience as this process may take some time to complete!

 

If you have not yet returned the original PPP loan documents (i.e. promissory note, resolution, etc.), please be sure to get these to your banker as soon as possible.

If you have any questions or need additional resources, please access our PPP Forgiveness Resources webpage at www.moodybank.com/coronavirus/ppp-forgiveness. Our bankers are also available for any questions or concerns.

 

September 7, 2020

PPP Frequently Asked Questions, 

Click here for a list of frequently asked questions regarding PPP loans and forgiveness.

 

August 31, 2020

PPP Forgiveness Update

As we close out another month, we remain hopeful Congress will sign the industry-backed, bi-partisan agreed upon auto-forgiveness for PPP loans of $150,000 and less. If passed, any PPP loan under $150,000 could be forgiven with a simple one-page attestation, thus eliminating the need for borrowers to complete the full PPP forgiveness application. Congress is scheduled to resume on September 8, 2020 and we should know more once they meet.

In the meantime, we’d like to share some important information regarding loan forgiveness:

  • For any portion of the loan not forgiven, loan payments will begin eleven (11) months from the beginning of the covered period or alternative covered period, whichever period you chose to use since the loan payments are deferred for ten (10) months.
  • You have until loan maturity to apply for loan forgiveness; however, you will be required to make principal and interest payments after the deferral period ends.
  • For borrowers who have a PPP loan and received an EIDL advance: If you received an EIDL advance between $1,000 and $10,000, the SBA will deduct the amount of the advance from your PPP forgiveness amount. The amount not forgiven will convert to a 1.00% loan with Moody Bank. 

We will launch our online forgiveness portal to all PPP borrowers soon and will continue to update you as more information becomes available. As always, please do not hesitate to reach out to your banker with any questions or concerns. 

 

August 7, 2020

PPP Forgiveness Update

We previously mentioned proposed legislation which would expedite the forgiveness process for PPP borrowers with loans of $150,000 or less. This legislation has not yet passed, but we are hopeful it will be approved soon.

 

Although the SBA will begin accepting forgiveness applications on Monday, August 10th, we plan to launch our online forgiveness portal once Congress has finalized their decision. We encourage you to wait on this ruling before applying for forgiveness.

 

Our team is monitoring changes daily. Once Moody Bank’s forgiveness portal opens, we will contact all PPP borrowers with detailed instructions for applying for PPP loan forgiveness through our easy-to-use online portal.

 

As stated before, we truly appreciate your patience and understanding as we adapt to the many changes to the Paycheck Protection Program. All updates can be found on our website at www.moodybank.com/coronavirus. If you have any questions or concerns, please don’t hesitate to contact one of our bankers. 

 

July 24, 2020

PPP Forgiveness Update - SBA to Open Forgiveness Portal August 10

 

We received notice late yesterday that the SBA will open their forgiveness portal to financial institutions on Monday, August 10th in order to process SBA PPP forgiveness applications. We will send detailed instructions on how to apply for forgiveness in the next two weeks.

 

We also want to inform you of the proposed legislation in both the House and the Senate which would expedite the forgiveness process for PPP borrowers with loans of $150,000 or less. We are hopeful this legislation will pass and further streamline the forgiveness process for many of our borrowers.

 

We truly appreciate your patience and understanding as we adapt to changes to the Paycheck Protection Program. Our team continues to closely monitor proposed legislation and all updates can be found on our website at www.moodybank.com/coronavirus. If you have any questions or concerns, please don’t hesitate to contact one of our bankers. 

 

July 2, 2020 

PPP Forgiveness Update

As we move into July, we are closer to releasing our PPP forgiveness application as we wait for the SBA to begin accepting applications for loan forgiveness. Congress continues proposing changes to the PPP loan forgiveness process and we want to make the forgiveness application process as simple and efficient as possible for our customers. We will continue providing weekly status updates and will notify you by email and on our website once the application process is available.

As we shared last week, here are a few pieces of information to keep in mind:

  • When the SBA begins accepting applications for forgiveness, we will provide you a link via email to access the online forgiveness questionnaire. The link will also be available online at www.moodybank.com.
  • You will need the following information in order to access your online questionnaire:
    1. The email address you used on your PPP loan application
    2. Business TIN (EIN, SSN)
    3. SBA loan number (this is the same as your Moody Bank loan number)
  • The questionnaire should take less than 15 minutes to complete once you gather all necessary information.
  • Once you complete and submit the questionnaire, our bankers will review everything and reach out if further information is needed. Upon successful completion of the forgiveness questionnaire, our team will submit your forgiveness application to the SBA.

As always, we appreciate your patience and understanding as we adapt to changes to the Paycheck Protection Program. All updates can be found on our website and our bankers are available to answer any additional questions.

  

June 21, 2020

A Note to Our Customers

As the number of new cases of COVID-19 continue to rise in southeast and central Texas, our management team has decided to close all banking center lobbies effective Monday, June 22, 2020. ATMs, night deposits and drive-through operations remain open. Normal drive-through hours of operation continue at all locations and our bankers remain available in-person by appointment, or through email and over the phone. A full list of drive-through hours and phone numbers for each banking center can be found below or on our website at www.moodybank.com/about-us under “Locations.”

 

If you need to access your safe deposit box or conduct any other in-person banking, please contact your banking center at the phone number listed below to set an appointment. We encourage all customers to utilize our online and mobile banking tools. You can enroll in online banking on https://my.moodybank.com/enroll. If you are new to online banking, you can find a list of frequently asked questions and helpful resources at https://www.moodybank.com/resources/online-banking-faqs.

 

Our leadership team meets regularly to monitor developments in the COVID-19 pandemic and will continue adjusting business operations as needed to ensure the safety of our customers, employees and community. All updates will be made available by email and online at www.moodybank.com/coronavirus. As always, thank you for trusting Moody Bank and for your flexibility and understanding.

 

Banking Center Phone Numbers and Drive-Thru Hours

Austin Capitol Banking Center* | 512-776-8905 | Appointment Only

Clear Lake Banking Center | 281-998-5645 | M-F 8:30am-5:30pm Sat: 9am-12pm

Energy Corridor Banking Center | 281-998-6441 | M-F 8:30am-5:30pm Sat: 9am-12pm

Friendswood Banking Center | 281-998-6440 | M-F 8:30am-5:30pm | Sat: 9am-12pm

Galveston Downtown Banking Center | 409-632-5350 | M-F 8:30am-5:30pm

Galveston Seawall Banking Center | 409-632-5115 | M-F 8:30am-6:00pm Sat: 9am-12pm

Lake Jackson Banking Center | 281-998-6701 | M-F 8:30am-5:30pm Sat: 9am-12pm

New Braunfels Plaza Banking Center* | 830-743-9555 | Appointment Only

Pasadena Banking Center | 281-998-6746 | M-F 8:30am-5:30pm

Seabrook Banking Center | 281-998-6400 | M-F 8:30am-5:30pm

Shadow Creek Banking Center | 281-998-6800 | M-F 8:30am-5:30pm

South Shore Banking Center | 281-998-5600 | M-F 8:30am-5:30pm Sat: 9am-12pm

Sugar Land Banking Center | 281-998-6700 | M-F 8:30am-5:30pm

Texas City Banking Center | 409-632-5530 | M-F 8:30am-5:30pm Sat: 9am-12pm

Victory Lakes Banking Center | 281-998-6726 | M-F 8:30am-5:30pm Sat: 9am-12pm

*There is no drive-thru located at the Austin Banking Center or the New Braunfels Banking Center. Staff will be onsite and available for appointments during normal business hours of 9:00am to 5:00pm.

 

Sincerely,

Victor Pierson

President and CEO

Moody Bank

 

June 15, 2020

Last week, we shared information about the SBA Paycheck Protection Program Flexibility Act of 2020.

 

We are still finalizing a platform that will streamline and simplify the forgiveness application process. We are hopeful this will be completed and ready for internal testing on Friday, June 19. Once the platform is ready and the SBA has opened the forgiveness application portal, we will send you a link and information on the forgiveness application process. This link will also be made available on this webpage. 

 

The SBA is not yet accepting forgiveness applications. Given the likelihood of a revised forgiveness application in the coming days, we strongly encourage you to wait until our forgiveness platform is finalized and released rather than spending your valuable time on an application that may become non-compliant and outdated. Unlike PPP funding, PPP forgiveness is not granted on a first-come, first-served basis. Rest assured you will have access to our forgiveness platform with ample time to apply for loan forgiveness before any payments come due.

 

Moody Bank is here to assist you with your PPP loan forgiveness process. Should you have any other questions, please contact your banker or local banking center directly or reach our customer service line at (855) 259-8075. For a full listing of our locations please visit www.moodybank.com/about-us

 

 

June 8, 2020

Thank you for choosing Moody Bank to process and service your SBA Paycheck Protection Program loan.  We are proud to be able to assist you and our community during this difficult time.

 

President Trump has signed The Paycheck Protection Program Flexibility Act of 2020, which implements several changes to the Paycheck Protection Program, including:

  • Extends the Paycheck Protection Program through December 31
  • Extends the 8-week covered period to 24-weeks
  • Drops the 75/25 payroll rule to 60/40, where not more than 40% of the forgiven amount may be for non-payroll costs
  • Extends the payment deferral period up to 10 months after the covered period ends
  • Allows payroll tax deferment for borrowers with forgiven loans

We are actively working on a platform to streamline and simplify the forgiveness application process. Although the Paycheck Protection Program Flexibility Act created a brief delay in completion, we expect this tool to be available soon. Once complete, we will email you instructions on applying for forgiveness.

 

Moody Bank is here to assist you with your PPP loan should you have any other questions. Please contact your banker or local banking center directly, or you can reach our customer service line at (855) 259-8075. For a full listing of our locations please visit www.moodybank.com/about-us

 

May 28, 2020

Beginning Monday, June 1st, all Moody Bank lobbies will reopen with normal business hours.

 

To protect the health of our customers and employees, we have implemented several protective measures at all locations. All lobbies are outfitted with sneeze guards at teller lines and lobby desks. We also have sanitizing solutions available to our customers and signage throughout the lobby encouraging social distancing. All locations are well stocked with cleaning and disinfecting supplies and our employees have been trained to clean frequently touched and shared surfaces throughout the day.

Along with the new additions, you may also notice a few things are missing. Coffee bars and water kiosks will not be available and candy dishes and magazines have been removed. Additionally, the number of customers and staff in our lobbies will be limited. If our lobby is at capacity, we may ask you to wait in your car until we are ready to serve you.

 

We are excited to see you again and want to ensure everyone remains safe and healthy. We know many of our customers will wear a protective mask and we appreciate your concern for your health and safety and that of those around you. We welcome you to wear your mask when visiting our lobby but will ask you to briefly remove the mask to verify your identity before entering our building.

 

We encourage you to continue using our online, mobile and telephone banking services for your everyday needs. Drive-through banking also offers you the option to conduct your banking business in the comfort of your vehicle.

 

For a full list of lobby and drive-through locations and hours, please visit us at www.moodybank.com/about-us.

The safety of our customers and our employees remains our top priority as we carefully reopen our locations and return to a new normal. Thank you for adhering to social distancing practices and we look forward to seeing you again soon!

 

May 13, 2020

We plan to begin a phased reopening of our banking center lobbies on Monday, May 18th.  Initially, we will open select locations with reduced hours as outlined below. The drive-through at all locations will remain open with normal hours and our staff will continue taking appointments for in-person service.  We will continue monitoring developments in the COVID-19 outbreak and evolve and adapt our lobby hours as necessary.

 

As we prepare to welcome customers back into our lobbies, we have implemented several protective measures at all locations. Our lobbies will be outfitted with sneeze guards at teller lines and lobby desks. We also have sanitizing solutions available to our customers and signage throughout the lobby encouraging social distancing. All our locations are well stocked with cleaning and disinfecting supplies and our employees have been trained to clean frequently touched and shared surfaces throughout the day.

Along with the new additions, you may also notice a few things are missing. Coffee bars and water kiosks will not be available and candy dishes and magazines have been removed. Additionally, the number of customers and staff in our lobbies will be limited. If our lobby is at capacity, we may ask you to wait in your car until we are ready to serve you.

 

We are excited to see you again and want to ensure everyone remains safe and healthy. We know many of our customers will wear a protective mask and we appreciate your concern for your health and safety and that of those around you. We welcome you to wear your mask when visiting our lobby but will ask you to briefly remove the mask to verify your identity before entering our building.

We encourage you to utilize our online, mobile and telephone banking services for your everyday needs. Our drive-throughs will also remain open and fully staffed in order to serve you from the comfort of your vehicle.

The safety of our customers and our employees remains our top priority as we carefully reopen our locations.

 

Scheduled re-openings effective Monday, May 18, 2020:

Downtown Galveston Banking Center

2302 Postoffice Street | Galveston TX

Lobby Hours: Monday through Friday 9:00 a.m. to 2:00 p.m.

Drive-through Hours: Monday through Friday 8:30 a.m. to 5:30 p.m. | Saturday 9:00 a.m. to 12:00 p.m.

 

Galveston Seawall Banking Center

6820 Seawall Boulevard | Galveston TX

Lobby Hours: Monday through Friday 9:00 a.m. to 2:00 p.m.

Drive-through Hours: Monday through Friday 8:00 a.m. to 6:00 p.m. | Saturday 9:00 a.m. to 12:00 p.m.

 

Victory Lakes Banking Center

1555 West FM 646 | Dickinson, TX

Lobby Hours: Monday through Friday 9:00 a.m. to 2:00 p.m.

Drive-through Hours: Monday through Friday 8:30 a.m. to 5:30 p.m. | Saturday 9:00 a.m. to 12:00 p.m.

 

South Shore Banking Center

2901 South Shore Boulevard | League City, TX

Lobby Hours: Monday through Friday 9:00 a.m. to 2:00 p.m.

Drive-through Hours: Monday through Friday 8:30 a.m. to 5:30 p.m. | Saturday 9:00 a.m. to 12:00 p.m.

 

Sugar Land Banking Center

7610 Highway 90A | Sugar Land, TX

Lobby Hours: Monday through Friday 9:00 a.m. to 2:00 p.m.

Drive-through Hours: Monday through Friday 8:30 a.m. to 5:30 p.m.

 

Austin Capitol Banking Center

400 West 15th Street, Suite 100 | Austin, TX

Lobby Hours: Monday through Friday 9:00 a.m. to 5:00 p.m.

 

New Braunfels Plaza Banking Center

401 Main Plaza | New Braunfels, TX

Lobby Hours: Monday through Friday 9:00 a.m. to 5:00 p.m.

 

May 11, 2020

SBA Offers Webinars on PPP Loan Forgiveness

The SBA is offering several webinars to provide information to borrowers on forgiveness of the Paycheck Protection Program loans. If you have a PPP loan and are looking for more information on the forgiveness process, we encourage you to listen in to one of the webinars. You will need Microsoft Teams to access the PPP Forgiveness webinars. There is also a daily webinar providing an overview of EIDL and PPP every day this week via Zoom along with a Spanish webinar for both the EIDL/PPP Overview and PPP Forgiveness.

 

PPP Forgiveness | May 11-15, 2020 | 9:00am CDT & 1:00pm CDT

Must have or download Microsoft Teams to join

Monday May 11th 9:00am - Click Here to View

Monday May 11th 1:00pm - Click Here to View

Tuesday May 12th 9:00am - Click Here to View

Tuesday May 12th 1:00pm - Click Here to View

Wednesday May 13th 9:00am - Click Here to View

Wednesday May 13th 1:00pm - Click Here to View

Thursday May 14th 9:00am - Click Here to View

Thursday May 14th 1:00pm - Click Here to View

Friday May 15th 9:00am - Click Here to View

Friday May 15th 1:00pm - Click Here to View

 

EIDL/PPP Overview | May 11-15, 2020 | 10:30am CDT

Join URL: https://score.zoom.us/j/91911365711

Or by Phone: +1 346 248 7799 US (Houston)

Meeting ID: 919 1136 5711

 

SPANISH EIDL/PPP Overview | Tuesday, May 12, 2020 | 11:00am CDT

https://meet.lync.com/sba123/amgonzal2/SV6YKB59

Join by phone: +1 (210) 469-4148

Conference ID: 513836639

 

SPANISH PPP Loan Forgiveness | Thursday, May 14, 2020 | 11:00am CST

https://meet.lync.com/sba123/amgonzal2/L0J9S9TL

Join by phone: +1 (210) 469-4148

Conference ID: 625058189

 

May 6, 2020

Paycheck Protection Program - Preparing for Your Loan Forgiveness Application

If you received a loan through the Paycheck Protection Program, you are probably starting to think about how you can spend the funds in order to have your loan forgiven. While there remain some outstanding questions when it comes to the process of loan forgiveness, we wanted to reach out early to assist you in preparing your application for forgiveness and what required documents may be applicable.  As the PPP dictates, loan amounts will be forgiven as long as:

  • The loan proceeds are used to cover payroll costs, and most mortgage interest, rent and utility costs over the 8-week period after the loan is made; and
  • Employee and compensation levels are maintained.

Payroll costs are capped at $100,000 on an annualized basis for each employee.  Additionally, not more than 25% of the forgiven amount may be used for non-payroll costs.

Funds from your PPP loan can be used for the following purposes:

  • Payroll—salary, wage, vacation, parental, family, medical, or sick leave, health benefits
  • Mortgage interest—as long as the mortgage was signed before February 15, 2020
  • Rent—as long as the lease agreement was in effect before February 15, 2020
  • Utilities—as long as service began before February 15, 2020

All expenses falling under these categories are eligible for loan forgiveness. But you must begin preparing now for your loan forgiveness application.  The following is a general breakdown of how you can begin this process during your 8-week period.

8-Weeks of Coverage

  • Eligible expenses are only those incurred during your 8-week period, which starts the date Moody Bank made your disbursement of the loan.
  • If you pay employees biweekly, an eight-week period which begins on the first day of your first payroll period following the loan disbursement date (defined as the Alternative Payroll Covered Period).  
  • Note: This may not necessarily be the date on which you signed the [loan agreement, promissory note, etc.]
  • Consider your payroll schedule. You may want to adjust the timing of your payroll date to accommodate as many payroll cycles as possible.

The 75%/25% Rule

  • At least 75% of your PPP loan funds must be used for payroll costs.
  • No more than 25% of your PPP funds can be used for non-payroll purposes. 
  • Payments to independent contractors are not included in your payroll costs.
  • Remember! The following payroll costs are not eligible for loan forgiveness but you should be keeping track of these:
    • Payments to an independent contractor
    • Cash compensation in excess of $100,000
    • The employer’s share of federal payroll taxes
    • Qualified sick leave and qualified parental leave wages for which credit is allowed under the Families First Coronavirus Response Act (FFCRA)

Review your staffing requirements

To receive your highest loan forgiveness, you must maintain the number of employees on your payroll. The average number of FTEs per month for both the eight-week period and either a) Feb. 15 through June 30, 2019, or b) Jan. 1 through Feb. 29, 2020. The borrower elects whether to compare a) or b) to the eight-week covered period. [According to recent SBA guidance, seasonal businesses determining maximum loan amounts can compare the average number of FTEs per month during the eight-week period to either a) the period Feb. 15 through June 30, 2019, b) March 1-June 30, 2019, or c) any consecutive 12-week period between May 1, 2019 and Sept. 15, 2019.]

  • If you are Self-Employed:
    • 8-weeks of your 2019 net profit will be eligible for loan forgiveness.
    • Mortgage interest, rent and/or utilities expenses must have been claimed or are entitled to be claimed as a deduction on your 2019 Form 1040 Schedule C to qualify for loan forgiveness.

Keep a thorough, running list of all documentation; you will need to submit this information to Moody Bank for a complete loan forgiveness application. Items may include the following:

  • Documents verifying your number of FTEs on payroll and their pay rates for the periods used to verify you’ve met the staffing and pay requirements:
    • Payroll reports from your payroll provider
    • Payroll tax filings (Form 941)
    • Documents verifying any retirement and/or health insurance contributions
    • Income, payroll, and unemployment insurance filings from your State.
  • Documents verifying your eligible interest, rent, and/or utility payments including but not limited to:
    • Cancelled checks
    • Payment receipts
    • Account statements

A successful forgiveness application is going to require good recordkeeping and bookkeeping in order to maximize your loan forgiveness amount.  Keep diligent track of all eligible expenses and the accompanying documentation for this 8-week period. As we near the forgiveness period, Moody Bank will you be contacting you with additional information on how to submit your forgiveness application. It is recommended that you consult with your tax advisor, legal counsel, or a bookkeeping service to assist your business if necessary.

 

Any outstanding balance not forgiven will continue to accrue interest at 1% for the remainder of your 2-year loan term period.  Your first payment will be due six months from the date of the note. Generally, there is no prepayment penalty and you can pay off that outstanding balance at any time with no additional fees.

This information is based on what we know as of today, as the SBA/Treasury continues to update the guidelines for the PPP loan program. Additional guidance is anticipated from the Treasury and the U.S. Small Business Administration in the coming weeks. We highly encourage you to rely on the information provided by the U.S. Department of the Treasury’s “CARES Act Assistance for Small Businesses” webpage here: https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses.  Please check the link frequently in order to stay abreast of any and all changes.

 

Moody Bank is here to assist you with your PPP loan should you have any other questions. Please contact your banker or local banking center directly, or you can reach our customer service line at (855) 259-8075. For a full listing of our locations please visit www.moodybank.com/about-us.

 

May 1, 2020

The COVID-19 pandemic has changed our daily lives and brought unforeseen hardships to many of our customers. At Moody Bank, we want to support you through these difficult times.

 

Recent regulatory changes have been made to temporarily amend Regulation D (Reserve Requirements of Depository Institutions), which previously limited convenient transfers and withdrawals from a savings account to no more than six (6) per month. Under this amendment, Moody Bank will temporarily allow unlimited withdrawals or transfers from a savings account with no fees or penalties for exceeding the six-per-month-limit. 

 

April 29, 2020

The second phase of the SBA Paycheck Protection Plan opened Monday with $310 billion in additional funding for small businesses. Despite several technical issues with the SBA’s system, our dedicated team was able to submit every eligible PPP loan in our pipeline. To date, Moody Bank has received SBA approval of 577 PPP loans, helping save 9,837 local jobs.

 

Our team is in the process of reaching out to every customer who applied for a PPP loan. All approved PPP loans will fund within 10 calendar days of SBA approval. More information on the forgiveness portion of the Paycheck Protection Program will be sent out in the coming days.

 

To our customers who turned to Moody Bank in times of need – thank you for your patience as we worked through a process that was new to everyone. You remain our top priority and we are grateful for the opportunity to help you through this difficult time.

 

The COVID-19 pandemic has had profound impacts on our local businesses, our neighbors, our friends and our way of life. Our dedicated team of bankers spent countless hours, several late nights and many weekends working through various obstacles to ensure our customers’ needs were met. This commitment to our customers and our community has a strong 112-year history and will continue for years to come. 

 

April 27, 2020

As Governor Abbott releases plans to reopen the Texas economy, our leadership team continues to plan for a return to our normal lobby hours. We feel it is in our customers’ and employees’ best interest to continue servicing our customers via drive-through services and in-person visits by appointment only. We have effectively served our customers’ needs with this method of operation and will gladly accommodate the individual needs of our customers if issues arise. Our leadership team continues meeting daily to review new developments and determine the best time and manner in which to reopen our lobbies.

 

In addition to drive-through service, we encourage customers to utilize our mobile app, online banking, and telephone banking. Updates related to the COVID-19 pandemic can be found on this page as new information becomes available.

 

We thank you for your patience as we continue adapting to these challenging times. 

 

April 22, 2020

SBA Paycheck Protection Program Replenishment Status Update FAQs

 

I hear there’s more money in the Paycheck Protection Program – Is this true?

Not yet. On Tuesday, April 21, the Senate reached a deal approving additional coronavirus relief, inclusive of $310 billion set aside for the Paycheck Protection Program which depleted initial funding late last week. The House of Representatives could vote on the bill as early as Thursday and then President Trump will need to sign off, so the funds are not officially approved just yet.

What does that mean for Moody Bank customers?

We have worked nonstop to continue preparing PPP loan applications that did not get submitted in the first round. Our team is prepared to begin submitting the applications in our pipeline as soon as the SBA reopens their processing platform upon House approval of the bill.

Is it too late to apply for funding through the PPP program?

It’s not too late to submit a PPP application to Moody Bank, but we will prioritize submitting loan requests to the SBA in the order in which they were received. We have many loans in our pipeline from the initial round of funding that will be submitted before any new requests are sent in.

If I am approved for PPP funds, when will I receive my money?

All PPP loans will be funded within 10 calendar days of SBA approval. Your banker will contact you once we receive approval from the SBA and will coordinate loan closing and funding.

 

April 16, 2020

SBA Paycheck Protection Program Update

The $349 million in funding allocated to the SBA’s Paycheck Protection Program has been expended as of this morning. We are hopeful that Congress will act to appropriate more funding to this program; however, until additional funding is approved, the SBA is not accepting PPP loan applications.

 

According to a statement released by Treasury Secretary Steven Mnuchin and U.S. Small Business Administration Administrator Jovita Carranza, “The SBA has processed more than 14 years’ worth of loans in less than 14 days.” The statement continues, “We urge Congress to appropriate additional funds for the Paycheck Protection Program – a critical and overwhelming bipartisan program – at which point we will once again be able to process loan applications, issue loan numbers, and protect millions more paychecks. The high demand we have seen underscores the need for hardworking Americans to have access to relief as soon as possible. We want every eligible small business to participate and get the resources they need.”

 

For loans requests not submitted to the SBA prior to funds being exhausted, our team will continue preparing your paperwork and will submit your application as soon as the system reopens upon lawmakers passing additional funding. If there were any issues with your application, your banker will contact you soon to make any corrections. If your loan has already been approved by the SBA, you will receive funding within 10 days of the approval.  

 

Since the launch of the program on April 3, our team has worked day and night to process as many requests as possible. Moody Bank has helped Texas lead the nation in getting PPP small business loans approved. Through our trade associations, Moody Bank has contacted Congressional leadership asking them to take immediate action to approve additional funding for this program.

 

Moody Bank chose to participate in the Paycheck Protection Program in order to assist our customers, and our customers remain our top priority. We know these are stressful times and we encourage you to reach out to discuss other ways we can help. As soon as Congress provides more funding for the PPP, we will be here for you to help quickly.

 

April 14, 2020

Issues accessing online and mobile banking

Some of you may be experiencing issues accessing mobile and online banking. This is due to the amount of people attempting to check their accounts for stimulus deposits, thus creating an extensive amount of load on our systems. Thank you for your continued patience as we work through the process of scaling the systems to the extraordinary demand levels we are seeing. Please know that we are working diligently with our partners. We realize that our digital channels are the cornerstone of keeping you informed about your finances, so we are working around the clock to ensure your online experience returns to normal.  

 

Stimulus payments will be direct deposited into financial institutions at the beginning of each day. If you do not see the deposit, please check again the following day. For more information about the stimulus payments visit https://www.irs.gov/coronavirus/economic-impact-payments.

 

We will update you as improvements are made and you can once again fully enjoy the digital experience you have come to expect. To check account balances, transfer funds between Moody Bank accounts, make loan payments, confirm deposits, withdrawals and check status or to access transactions, we encourage you to use our telephone banking system by calling 833-571-5854.

 

Thank you for your patience during these unprecedented times. If you have further questions, please feel to reach out directly to our support team at 855-259-8075 or by calling your local banking center. 

 

April 11, 2020

The SBA Paycheck Protection Program (PPP) opened just over a week ago on Friday, April 3, 2020. Despite unclear direction from the SBA and many questions left unanswered at the time of launch, our team has worked tirelessly to service our customers seeking PPP funding.  As of close of business Friday, April 10, we have over 400 PPP loan applications totaling over $76 million in requested funding in our pipeline. We received clearer guidance and began funding these PPP loans late last week.

 

Effective Friday, April 10, sole proprietorship, independent contractors and self-employed customers are now able to apply for PPP funds. If you fall into one of these categories and wish to apply for PPP funding, please submit to your banker a completed loan application along with documentation to establish your eligibility such as payroll processor records; payroll tax filings; form 1099-MISC; or income and expenses from a sole proprietorship. If you do not have contact information for one of our bankers, please visit www.moodybank.com/about-us for a full listing of all our locations.

 

We are grateful for the opportunity to work with our customers during their time of need and appreciate your patience and understanding as we work through the challenges that come along with a fast implementation of a complex process. As we move into a new week, we will continue working around the clock to submit and process PPP loans.

 

April 5, 2020 

After a brief closure of our Sugar Land Banking Center on Friday, April 3, we will reopen Monday, April 6 with our modified operating schedule (drive through only, Monday-Friday 8:30am to 5:30pm; lobby available by appointment only).

 

March 30, 2020

A message from our President & CEO to our customers, friends and community

 

We are living in uncharted times as we face a new normal, distanced from friends and family, many of us fearful of the unknown. Information on the coronavirus pandemic changes constantly. There is no doubt this is uncharted territory, but we are confident in the strength of Moody Bank and our ability to weather the storm.

 

We first opened our doors in September 1907. Since that time, we have survived two World Wars. The influenza pandemic of 1918. The Great Depression. The stock market crash of 1987. Y2K. 9/11. The financial crisis of 2008. Countless hurricanes, including Ike and Harvey in recent years. Through everything, we have supported our customers and helped our community come out stronger than before.

 

In times of uncertainty, you can trust Moody Bank to be there for you. We hope you stay safe and know that we are here to support you – today, tomorrow and for years to come.

 

Sincerely,

Victor Pierson

President and CEO

Moody Bank

 

March 24, 2020

We are again able to accept all non-real estate consumer loan applications online. Visit www.moodybank.com/personl to apply. If you wish to apply for a personal COVID-19 Pandemic Relief Loan, you may apply online or call your nearest banking center. For COVID-19 Pandemic Relief Loans for businesses, please contact your banker or nearest banking center for more information.

 

March March 20, 2020

Due to unforeseen technical issues, we cannot currently accept loan applications online. If you are looking for a COVID-19 Panemic Relief Loan, please contact your nearest banking center at the number below or call our customer service line at 855-259-8075. Our bankers are available to help you through the loan application process. We appreicate your understanding!

 

Austin Capitol Banking Center | 512-776-8905

Clear Lake Banking Center | 281-998-5645

Energy Corridor Banking Center | 281-998-6441

Friendswood Banking Center | 281-998-6440 

Galveston Downtown Banking Center | 409-632-5350 

Galveston Seawall Banking Center | 409-632-5115 

Lake Jackson Banking Center | 281-998-6701

New Braunfels Plaza Banking Center | 830-743-9555 

Pasadena Banking Center | 281-998-6746

Seabrook Banking Center | 281-998-6400

Shadow Creek Banking Center | 281-998-6800 

South Shore Banking Center | 281-998-5600 

Sugar Land Banking Center | 281-998-6700

Texas City Banking Center | 409-632-5530 

Victory Lakes Banking Center | 281-998-6726 

 

March 19, 2020

Moody Bank announces a loan program to assist individuals and businesses impacted by the COVID-19 coronavirus pandemic.

 

Moody Bank is offering a 180-day single-pay loan at a fixed 3.25% APR (annual percentage rate) to qualified borrowers (individuals and businesses) within the bank’s service areas that have been affected by the pandemic. There are no fees associated with these Pandemic Relief Loans.


Victor Pierson, Moody Bank President and CEO, said, “In a time when the world faces more uncertainty than ever, we want you to know that Moody Bank is here for you. Our mission to build long-lasting customer and employee relationships by living our core values of respect and delivering excellent financial services is more important today than ever before.”


Helping the community in times of need is nothing new for Moody Bank. In the bank’s 112-year history, Moody Bank has supported customers through everything from natural disasters to downturns in the economy. Pierson added, “We implemented this recovery loan model after Hurricanes Ike and Harvey with great success. We passed this model on to other communities impacted by natural disasters and today it only makes sense to restart this lending program for COVID-19. It is an immediately useful recovery tool and is designed to sustain businesses and individuals throughout this difficult time.”


Individuals looking to apply for a Pandemic Relief Loan have the option to apply online at www.moodybank.com/personal. Businesses seeking relief should contact their commercial banker or local banking center for more information on how to apply. Although our lobbies are currently closed, our banking centers remain staffed for appointments and our employees are available via phone or email. A full list of banking centers and contact information can be found at www.moodybank.com/about-us under “Locations.” Our customer service line is also available at (855) 259-8075.


All loans are subject to credit approval. Moody Bank member FDIC and is an Equal Housing Lender.

 

March 19, 2020

COVID-19 (coronavirus) Update

 

Effective immediately, all banking center lobbies are closed. ATMs, night deposits and drive-through operations remain open. Normal drive-through hours of operation continue at all locations. A full list of drive-through hours and phone numbers for each banking center can be found below or on our website at www.moodybank.com/about-us under “Locations.”

 

Our bankers remain available in-person by appointment, or through email and over the phone. If you need to access your safe deposit box or conduct any other in-person banking, please contact your banking center to set an appointment at the phone number listed below.

 

We encourage all customers to utilize our online and mobile banking tools. To enroll in online banking, visit https://my.moodybank.com/enroll. If you are new to online banking, you can find a list of frequently asked questions and helpful resources at https://www.moodybank.com/resources/online-banking-faqs.

 

Please do not hesitate to reach out to any of our bankers via phone or email if you have questions or concerns. We understand that our customers and our communities are going through extraordinary circumstances as the COVID-19 pandemic evolves. Along with the health and safety of our customers and employees, continuing to provide unparalleled customer service remains our top priority.

 

Our leadership team continues to meet every day to monitor the situation and all updates will be made available by email and online at www.moodybank.com/coronavirus. As always, thank you for trusting Moody Bank and for your flexibility and understanding as we navigate these uncharted waters!

 

Banking Center Phone Numbers and Drive-Thru Hours

Austin Capitol Banking Center* | 512-776-8905 | Appointment Only

Clear Lake Banking Center | 281-998-5645 | M-F 8:30am-5:30pm Sat: 9am-12pm

Energy Corridor Banking Center | 281-998-6441 | M-F 8:30am-5:30pm Sat: 9am-12pm

Friendswood Banking Center | 281-998-6440 | M-F 8:30am-5:30pm | Sat: 9am-12pm

Galveston Downtown Banking Center | 409-632-5350 | M-F 8:30am-5:30pm

Galveston Seawall Banking Center | 409-632-5115 | M-F 8:30am-6:00pm Sat: 9am-12pm

Lake Jackson Banking Center | 281-998-6701 | M-F 8:30am-5:30pm Sat: 9am-12pm

New Braunfels Plaza Banking Center** | 830-743-9555 | M-F 8:00am-6:00pm

Pasadena Banking Center | 281-998-6746 | M-F 8:30am-5:30pm

Seabrook Banking Center | 281-998-6400 | M-F 8:30am-5:30pm

Shadow Creek Banking Center | 281-998-6800 | M-F 8:30am-5:30pm

South Shore Banking Center | 281-998-5600 | M-F 8:30am-5:30pm Sat: 9am-12pm

Sugar Land Banking Center | 281-998-6700 | M-F 8:30am-5:30pm

Texas City Banking Center | 409-632-5530 | M-F 8:30am-5:30pm Sat: 9am-12pm

Victory Lakes Banking Center | 281-998-6726 | M-F 8:30am-5:30pm Sat: 9am-12pm

 

*There is no drive-through located at the Austin Banking Center, but staff will be onsite and available for appointments during normal business hours of 9:00am through 5:00pm.

**New Braunfels Banking Center drive-through is located at 217 East Mill Street and will continue operation through Friday, April 10, 2020.

 

March 18, 2020

Effective tomorrow, March 19, 2020, we will close all banking center lobbies.

 

ATMs, night deposits and drive-through operations will remain open at all locations. Drive through hours remain unchanged at all banking centers. All drive through hours are available on our website at www.moodybank.com/about-us under "Locations." Customers will be allowed in the lobby by appointment only; if you need to access your safe deposit box or conduct any other in-person banking, please contact your banking center to set an appointment and we will be happy to assist you.

 

Our leadership team continues to meet every day to monitor the situation and all updates will be made available here as soon as possible. As always, thank you for trusting Moody Bank and for your flexibility and understanding as we navigate these uncharted waters! 

 

March 17, 2020

In following local and federal recommendations and to reduce the risk of spreading COVID-19 (coronavirus), we have made the decision to close the lobby at the following banking centers, effective Wednesday, March 18th:

                Texas City Banking Center |7940 Emmett F. Lowry Expressway | Texas City | 409-632-5530

                Victory Lakes Banking Center | 1555 West FM 646 | League City | 281-998-6726

                Seabrook Banking Center | 2338 NASA Road 1 | Seabrook |281-998-6746

                Clear Lake Banking Center | 1100 Bay Area Boulevard | Houston | 281-998-6441

                Pasadena Banking Center | 6003 Fairmont Parkway | Pasadena | 281-998-6746

                Friendswood Banking Center | 408 West Parkwood Avenue | Friendswood | 281-998-6440

                Shadow Creek Banking Center | 2940 Broadway Bend | Pearland | 281-998-6800

                Sugar Land Banking Center | 7610 Highway 90A | Sugar Land| 281-998-6700

                Lake Jackson Banking Center | 128 Oyster Creek Drive | Lake Jackson | 281-998-6701

ATMs, night deposits and drive-through operations will remain open. Normal drive-through hours of operation (8:30am to 5:30pm) continue at all affected locations. Customers will be allowed in the lobby by appointment only. If you need to access your safe deposit box or conduct any other in-person banking, please contact your banking center to set an appointment at the phone number listed above.

 

The following banking centers continue operations with normal lobby and drive-through hours:

                Galveston Downtown Banking Center | 2302 Postoffice Street | Galveston | 409-632-5350

                Galveston Seawall Banking Center | 6820 Seawall Boulevard | Galveston | 409-632-5115

                South Shore Banking Center | 2901 South Shore Boulevard | League City | 281-998-5600

                Energy Corridor Banking Center | 850 North Eldridge Parkway | Houston | 281-998-6441

                New Braunfels Plaza Banking Center | 401 Main Plaza | New Braunfels | 830-743-9555

                Austin Capitol Banking Center | 400 West 15th Street | Austin | 512-776-8905

 

We encourage all customers to utilize our online and mobile banking tools. To enroll in online banking, visit https://my.moodybank.com/enroll. If you are new to online banking, you can find a list of frequently asked questions and helpful resources at https://www.moodybank.com/resources/online-banking-faqs.

 

Please do not hesitate to reach out to any of our bankers via phone or email if you have questions or concerns. We understand that our customers and our communities are going through extraordinary circumstances as the COVID-19 pandemic evolves. Along with the health and safety of our customers and employees, continuing to provide unparalleled customer service remains our top priority.

 

Any new developments will be sent via email and posted to our website at www.moodybank.com/coronavirus.

 

March 16, 2020

We want to assure you that Moody Bank is monitoring developments in the COVID-19 coronavirus outbreak and the potential impact on our customers and employees. Our leadership team continues to meet each morning to discuss new updates on the outbreak and new information from our federal regulating agencies. Our plans and actions are fluid and we will adapt our policies and procedures as needed.

 

All locations open

Currently, all our locations remain open. If we run into staffing issues or see a need to further limit person to person contact, we may implement drive-thru only service at our banking centers.  In the event we need to close lobbies, our customers with safe deposit boxes will still have access to their box by appointment only. We will communicate any changes to our banking center hours via email and on our website at www.moodybank.com/coronavirus.

 

Putting customers first

We know the future is more uncertain now than ever. Rest assured that our bankers are here to help. We encourage you to reach out to us – send an email or give us a call if you want to discuss your specific financial needs and concerns.

In order to promote social distancing, we have asked our sales teams to limit visits with customers outside the bank. Please call or email your banker with any concerns and we’ll do our very best to resolve any issues as quickly as possible.

If you do come into our lobby, you will likely see our teams wiping down surfaces between transactions. Our goal is to keep our customers and employees safe and healthy.

You can call our telephone banking line 24 hours a day, 7 days a week at (833) 571-5854 to check account balances, transfer funds between Moody Bank accounts, make loan payments, confirm deposits and withdrawals, reconcile accounts, access transactions and more.

If you have not set up online banking, we encourage you to visit https://my.moodybank.com/enroll and download our mobile app. Here you can transfer funds between accounts, manage your debit card, pay bills, reorder checks and more. You can also deposit checks remotely with our mobile app.

 

Stay up to date of any changes

All updates are available on our website at www.moodybank.com/coronavirus. In our 112 years, Moody Bank has survived everything from natural disasters to downturns in the economy. The relationships we’ve built since 1907 remain stronger than ever today and together, we will get through this.

 

March 12, 2020

As information about the COVID-19 (Coronavirus) outbreak continues to evolve, keeping our customers and employees safe remains our top priority. We want to ensure you that our leadership team continues to monitor the outbreak and will make any necessary adjustments as new information arises. Our goal is to continue providing uninterrupted service to our customers while following recommendations from local and national health authorities.

 

Some measures Moody Bank has already taken include:

  • Increased frequency of cleaning and disinfecting of all our banking centers, including high-touch surfaces such as door handles, light switches and tabletops
  • We are evaluating remote access of key personnel to prepare for staff to work from home or other remote locations without causing any operational interruptions
  • Our human resources team is closely monitoring employee travel, especially any employees who have traveled internationally
  • Tellers have access to gloves to wear while handling cash

 

We encourage you to take advantage of our online and mobile banking options where you can conduct most of your daily banking business, including:

  • Deposit checks remotely with our mobile app
  • Transfer money between accounts
  • Reorder checks
  •