Paycheck Protection Program Flexibility Act

Paycheck Protection Program PPP Loan Form
 
STAR Customers,

Our community, like so many others across the globe is in need, and the need isn’t going to go away tomorrow, or next month or even next year. It’s our mission as a community bank to build, encourage and support both our local small businesses and our neighbors, whom we know by name.

A recent win for our community, was the enactment of the Paycheck Protection Program Flexibility Act. This act will increase the SBA PPP loan forgiveness period from eight to 24 weeks, reduce the proceeds required for payroll from 75 to 60 percent, increase the loan repayment period from two to five years, allow payroll tax deferral for PPP recipients, and extend the June 30 rehiring deadline. All of this will take an unbelievable amount of pressure off our local small business owners, and allow them to see light at the end of this very long tunnel. These recent changes will help many small businesses survive, when they may have been doubting their future over the past few months.

STAR is dedicated to our communities, and we have been and will continue to offer support across the Hoosier state:

1. By securing more than 1,678 Payroll Protection Program loans, totaling over $268,115,800 borrowed, ultimately helping more than 30,228 Hoosier employees. We are continuing to take PPP loan applications at this time.
2. By slowly and strategically opening branch lobbies across our footprint, all while adhering to the social distancing and PPE guidelines to protect our customers and employees.
3. By encouraging patronage to our local restaurants and shops, many of which are family-owned.
4. By reaching deeper into our pockets and continuing to donate to local nonprofits, when it may not be as easy to give as it was in the past.

While these are certainly small steps, if everyone across our community continues to come together to energize our economy, it will certainly yield big results.
 
Sincerely,