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COVID 19 Response

BankPlus (Honorable Mention) - Ridgeland, Mississippi

2020 Community Commitment Awards Submission

  • Entry Category: Community & Economic Development
  • Asset Size: Medium

BankPlus developed a response to directly benefit its customers adversely impacted by the COVID 19 pandemic. The bank's response began in March with up to two ninety-day loan extensions made available, relaxed past due standards and waived late fees. Under these guidelines, the bank processed 1,799 loan extensions totaling ,296 million. No interest payments were required to extend the loans, and any late fees accrued after March 16 were waived. Extensions for longer than six months were considered on a case-by-case basis. The bank was also very responsive to the US Small Business Administration's (SBA) Paycheck Protection Program (PPP). The loan was developed by SBA to help businesses keep their workforce employed during the COVID 19 crisis. A key component of the program is that certain applicants can have their loans forgiven provided funds are used for qualifying expenses such as payroll, premises and utility payments. The bank originated 3,568 loans totaling ,856 million though the PPP. BankPlus also recently modified its Homeowner Stabilization Program (HOSP) to offer a foreclosure prevention measure for home loan customers at risk of losing their homes due to effects from the COVID 19 crisis. With a core purpose of “enriching lives and building stronger communities,” BankPlus has consistently been at the forefront of community development efforts in the state.