CapStar Bank Releases SBA PPP Loan Forgiveness Application Guidance

Rhea-AI Summary

CapStar Bank, a subsidiary of CapStar Financial Holdings (NASDAQ: CSTR), has launched a PPP Loan Forgiveness Application Guidance webinar and a forgiveness estimation calculator in response to the SBA's PPP Loan Forgiveness Application (SBA Form 3508). The free resources aim to assist borrowers with critical aspects of the forgiveness process. CapStar has emphasized its commitment to supporting business owners during the pandemic, highlighting its exceptional PPP production relative to asset size. CapStar Bank has assets of $2.03 billion and serves small to mid-sized businesses across Tennessee.

Positive

• Launch of a free webinar and calculator aids in PPP loan forgiveness process.
• CapStar's PPP production performance is noted as remarkable compared to asset size.
• The bank emphasizes its commitment to support businesses during the COVID-19 pandemic.

Negative

• None.

NASHVILLE, Tenn., May 19, 2020 (GLOBE NEWSWIRE) -- CapStar Bank, a subsidiary of CapStar Financial Holdings (NASDAQ: CSTR), released today an exclusive PPP Loan Forgiveness Application Guidance pre-recorded webinar and forgiveness estimation calculator in response to the PPP Loan Forgiveness Application (SBA Form 3508) now available from the US Treasury.

The free webinar and calculator resource are available on CapStar Bank’s dedicated COVID-19 SBA website at www.capstarbank.com/covid19sba.

The webinar covers the following Paycheck Protection Program forgiveness hot topics and should provide answers to any borrower’s most pressing questions:

• Review of the PPP Loan Forgiveness Application and critical points borrowers need to know
• Introduction to the CapStar loan forgiveness calculator and how it works to estimate forgiveness (a requirement of the application)
• Step-by-step review of a case study for reference

“Since the establishment of the Paycheck Protection Program, our primary goal has been to lead the way in providing clear guidance and accessible resources to business owners throughout the markets we serve,” said Mark Niethammer, CapStar’s Director of Government Guaranteed Lending. “As our focus begins to shift from processing and funding new applications to helping borrowers set themselves up for PPP forgiveness, our purpose of being a source of support and strength for our communities has not wavered.”

“Tennessee is fortunate to have a number of strong banks, but I am especially proud of the extraordinary efforts of the CapStar team as we’ve worked diligently to digest and navigate the PPP process over the last several weeks. Objectively comparing our performance to other financial institutions, CapStar’s PPP production vs. asset size has been remarkable and the resources our SBA team has developed are unparalleled in the marketplace,” said Tim Schools, CapStar’s president and CEO. “We are honored to do our part in helping businesses throughout Tennessee not only recover but thrive in the wake of COVID-19.” 

About CapStar

CapStar Bank, with assets of $2.03 billion, provides a relationship-based and highly personal banking experience to small to mid-sized private businesses, professionals, and individuals. Focused on delivering superior flexibility, responsiveness, and customer service, CapStar serves customers through highly-skilled employees, digital channels, as well as 13 locations in seven Tennessee counties. The bank was recognized by Greenwich Associates, an international marketing firm, as a national Customer Service Leader for business banking.

For more information about CapStar, please visit www.capstarbank.com.

For more information, contact:
Nicole Gibbs, (423) 649-1417
nicole.gibbs@capstarbank.com

FAQ

What is the purpose of CapStar Bank's new webinar?

The webinar is designed to provide guidance on the PPP Loan Forgiveness Application and help borrowers understand the forgiveness process.

What resources has CapStar Bank released for PPP loan forgiveness?

CapStar Bank has released a pre-recorded webinar and a forgiveness estimation calculator available on its dedicated COVID-19 SBA website.

How has CapStar Bank performed in the PPP program?

CapStar's PPP production has been remarkable when compared to its asset size, according to its president and CEO.

What is the asset size of CapStar Bank?

CapStar Bank has assets totaling $2.03 billion.