Together. Today. Tomorrow. Always.
During these challenging times, Five Star Bank would like to take a moment to let you know that we are here to help, as together we navigate the path toward a new tomorrow. At this time, our top priority is your health and safety. We have measures in place so we may operate safely and effectively while offering all of the comprehensive banking, investment, and insurance services you’ve come to depend on.
We are committed to serving all your needs with the right advice and solutions to help you manage your finances in the face of this crisis. And as the situation unfolds, we will continue to dedicate ample resources to ensure your overall personal well-being and customer satisfaction, keeping you informed on everything we’re doing to support our customers, employees and community.We promise to do our part by continuing to keep your financial well-being at the heart of everything we do. We have developed a series of solutions that we are putting in place to continue to support you and allow you to focus on your health and safety.
Consumer Financial Relief
FOR OUR CONSUMER CUSTOMERS:
Effective Monday, March 23, 2020, and continuing through May 31, 2020, we will be:
• Eliminating all insufficient funds (overdrafts) and returned item fees
• Eliminating all Pay by Phone fees
• Waiving all late fees
• Offering the opportunity for monthly mortgage, home equity loan or home equity line payment relief
• Offering the opportunity to defer unsecured consumer loans or lines of credit and secured consumer loans and lines of credit payments.
- To check if you are eligible to receive an Economic Impact Payment, you can visit https://www.irs.gov/coronavirus/economic-impact-payment-information-center
- To check the status of your stimulus payment you can visit https://www.irs.gov/coronavirus/economic-impact-payments. The amount and timeframe for your Stimulus Payment is determined by the IRS.
- You can also login to NetTeller online banking or AirTeller mobile banking to see if you have any pending deposits from the IRS. Please note we cannot release your Stimulus Payment deposit sooner than the IRS allows.
FOR OUR INVESTMENT AND INSURANCE CUSTOMERS2:Now more than ever, it is critical to review your financial and investment plans to confirm your goals and objectives, and any changes to your life circumstances that need to be addressed. Similarly, it is critical that your assets continue to be properly protected. Our partners at Courier Capital, LLC, HNP Capital, LLC and SDN Insurance® will be in contact with you in the coming days to discuss how we can help you maintain your financial well-being.
Updated May 8, 2020: At Five Star Bank, we are proud to have helped more than 1,000 small businesses across our footprint get Paycheck Protection Program loans, and we’re not done yet. While we are not accepting new applicants, we continue to process and submit applications to the SBA. We are proud to help small businesses get the funds they need to weather this crisis and support their employees and their families.
Small Business Administration (SBA) Lending
Small businesses are critically important to our local economies and communities. At Five Star Bank our mission is to provide small business customers timely solutions that improve financial well-being — during these uncertain economic times, know we’re here to help with advice and solutions specific to the SBA relief programs, as well as other relief programs available through the CARES Act3.
The recently enacted CARES Act establishes the new Paycheck Protection Program (PPP), a federally guaranteed, low-interest loan program designed to provide small businesses access to capital for payroll and other overhead costs in order to keep their employees working. Funds are limited and subject to availability from the SBA.4
Five Star Bank, as a Preferred SBA Lender, appreciates the opportunity to partner with the Small Business Administration and the U.S. Treasury Department to help our customers in need.
Your business may qualify, if you:
- Have up to 500 employees
- Are a restaurant or hospitality business with up to 500 employees per physical location
- Are a nonprofit, including 501(c)(3) organizations and 501(c)(19) veteran organizations, and tribal business concerns
- Are an independent contractor or sole proprietor
- Payroll costs including salary/wages/commissions/tips, employee benefits, state and local taxes on compensation. For a sole proprietor/independent contract: wages, commissions, income, or net earnings from self-employment.
- Interest on mortgage obligations, incurred before February 15, 2020.
- Rent, under lease agreements in force before February 15, 2020.
- Utilities, for which service began before February 15, 2020.
- 2019 Payroll – total payroll for full year 2019, by employee, as reported to the IRS (i.e., Form 941)
- 2020 Payroll – as of February 15, 2020—or closest date after that date, by employee
- Documentation on your business’ payroll, mortgage, rent and utilities payments for the previous 12-month period
- Complete 2019 financials, including the business’s profit or loss and balance sheet
Frequently Asked Questions
- Streamlined application requirements that can be completed online
- No SBA fees
- Low interest rate
- Six months of deferred payments
- Borrowers are eligible for loan forgiveness6 equivalent to what is spent on covered expenses during the eight-week period after the loan is originated
- While we’d like to help every small business, our focus will be on processing the previously submitted applications before funds are exhausted. At this time, we are not taking new applications, but will keep monitoring the availability of funds and may consider taking new applications in the future.
- Great news! We’ll send you an email confirming that your loan amount was approved.
- If you previously submitted an application that was not approved because funding was exhausted, please know that we have continued to process and review applications for submission to the SBA once additional funding became available. If additional information is required, including documents necessary to verify the amount you will be eligible to receive, we will reach out to you. Note: All loans are subject to requirements and availability of funds under the SBA program. Funds are limited.
- No. Small businesses are limited to one PPP loan. Each loan will be registered under a Taxpayer Identification Number at the SBA to prevent multiple loans to the same entity. Owners with more than one business may apply for a separate loan for each entity.
- See: U.S. Department of Treasury Assistance for Small Business Fact Sheet here.
We recommend you review the latest SBA guidelines to ensure you know how you can use the loan proceeds and understand the latest requirements for loan forgiveness. These guidelines can be found at SBA.gov and Treasury.gov.
We continue to remain accessible to our customers during this temporary shift to a new normal. Customers can access us through our branch drive-thrus, via the web through NetTeller, via mobile devices through AirTeller or through our Call Center. Finally, our customers can access cash with no-surcharge fee through any of our branch ATM’s, as well as multiple alternative locations, including select Wegman’s, pharmacies, and convenience stores. You can find the closest surcharge-free ATM, as well as our closest branch, by going to our locator page at https://www.five-starbank.com/resources/branch-and-atm-locations and entering your zip code.
Health & Wellness Resources
Equally as important as your financial well-being is your continued health and safety. Therefore, as the COVID 19 situation is constantly evolving, we are committed to helping to keep you informed. You can stay up to date with the latest information on health and safety guidelines and how the COVID-19 may impact you through these websites:
• World Health Organization (WHO)
• New York State Department of Health
At Five Star Bank, we will continue to do our best to ensure your well-being. We are proud to be your bank and thank you for the opportunity to serve you. Together, we will get through these challenging times.