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CARES Act & Payroll Protection Program Information

We take community seriously

Our motto is Texans helping Texans, and we take that to heart. We promise to make every effort to help each business in the communities we serve. Due to the high volume of loan requests, however, we are giving priority to Spirit of Texas Bank customers and cannot promise that non-customer PPP loan applications will be processed, approved, or funded. 

Again, we will do everything we can to meet the needs of all businesses serving our shared communites so please continue to check back with us. In the meantime, we encourage non-customers to please check with your bank or click here to find SBA eligible lenders in your area. 

As an SBA preferred lender, we can help your business meet payroll & more! 

With the passage of the CARES Act, lenders that participate in the SBA's 7(a) Loan Program will be able to disburse the critical aid needed by small business owners. As an experienced SBA preferred lender, we have the ability to streamline your loan application resulting in a quicker turn around for your business. These forgivable, payment deferred loans are available to small businesses needing help with:

Which businesses are eligible? 

Generally, small businesses in operation on February 15, 2020 with no more than 500 employees are eligible for a Payroll Protection Program loan. This includes sole-proprietors, independent contractors, and other self-employed individuals. As with most lending programs, there are stipulations and limited exceptions that our seasoned lenders can explain in detail. 

How much are you able to apply for? 

The maximum loan amount is based on the business's average monthly payroll costs incurred during the one-year period before the date of the loan. Businesses may receive up to 2.5 times its average monthly payroll costs, subject to a $10 million limitation. To calculate your loan amount, take your prior year total payroll costs and divide it by 12. Then, multiply by 2.5 to yield your total loan amount. 

(Total payroll costs/12) x 2.5 = Total loan amount

How to apply: 

We take a hands-on approach at Spirit of Texas Bank. To apply for a Payroll Protection Program loan contact any one of our banking centers  or dial 866-SOTB SBA (866-768-2722) to begin the process immediately. We will walk you through the process and begin working on your specific business needs. Your lender will request the Paycheck Protection Program Application Form. To get started with your application, click the link below.

Download the Paycheck Protection Program Application Form

Please note: This page is designed to provide you with the current information made available to the public. The SBA will be providing additional guidance to lenders and borrowers in the days to come.