Loan Updates Related to COVID-19
SBA Paycheck Protection Plan
If you are a small business financially impacted by COVID-19, you may be eligible for the Paycheck Protection Program (PPP) administered by the Small Business Administration (SBA). PPP authorizes loans to help small businesses cover costs related to payroll, rent, mortgage interest, interest on existing debt, and utility payments. As a participating lender under the SBA 7(a) program, we have been accepting PPP loan applications.
Small businesses, including sole proprietors, independent contractors, self-employed individuals, nonprofit organizations, tribal business concerns, and Veterans' organizations, that: employ 500 or fewer people, were in business on or before February 15, 2020, and had employees to whom they paid salaries and for whom they paid payroll taxes or that paid an independent contractor.
What can this loan used for?
Operating expenses, such as payroll, rent, lease payments, utilities, and mortgage interest obligations. Payroll costs may include: wages, salaries, retirement contributions, healthcare benefits, insurance premiums, covered leave, and other expenses Interest on other debt obligations incurred before February 15, 2020.
Loans not to exceed 2.5X monthly payroll and any related costs up to $10 million.
Visit the SBA Website (https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp) to learn more about small business guidance and loan resources.
SBA Economic Injury Disaster Loan
The SBA is assisting businesses to apply for Economic Injury Disaster Program loans. Additional resources and information about disaster program loans in your state can be found at disasterloan.sba.gov/ela/.
Mortgage Payment Deferrals:
If you are experiencing financial hardship as a result of COVID-19, you may be eligible for our payment deferment plan to delay your payments for up to 90 days with no credit bureau impact and no late fees. Some mortgages may be eligible for additional payment deferrals. To request assistance, please contact us Monday - Friday from 8:45 a.m. - 5:45 p.m. PT at the below number:
Mortgage Support Line: 855-305-3701 Due to high demand, call wait times may be longer than normal and we thank you for your patience as we work on this together.