UPDATE: July 30, 2020 9:30 A.M. PT


PAYCHECK PROTECTION PROGRAM UPDATE

Over the past several weeks, California Bank & Trust (CB&T) has helped thousands of businesses receive much-needed funding through the Small Business Administration’s (SBA) Paycheck Protection Program.

As of June 30, CB&T has obtained approval and/or funding for 9,382 loans totaling $1.62 billion.

  • Approximately 78% of the loans approved through CB&T were for less than $150,000.
  • Approximately 52% of approved loans were for amounts totaling $50,000 or less.
  • More than 92% of loans were made to businesses with fewer than 50 employees.
  • Median loan size was $46,700.
  • Average loan size was $172,949.
  • More than 143,665 jobs were preserved through these loans.

Acceptance of New Applications by CB&T

Authorization for the SBA’s Paycheck Protection Program has been extended through August 8, 2020.

With this authorization and funding for the Paycheck Protection Program still available, we are continuing to accept new applications from current CB&T clients. We are happy to accept new Paycheck Protection Program applications from any small business, independent contractor, self-employed individual or non-profit that has a current loan and/or deposit relationship with CB&T, as of July 17, 2020. To begin your application, please contact your relationship manager, your local CB&T branch or call our Contact Center at (800) 400-6080 to schedule an appointment with a local bank officer. New applications will be accepted by CB&T through 11:00 A.M. (PT) on Friday, August 7, 2020.

As an SBA-preferred lender, CB&T is well positioned to help you efficiently navigate the loan application process.

PLEASE NOTE: New applications that are incomplete and inaccurate, or do not include an accurately calculated and properly documented loan amount, requisite ownership and other eligibility information and an accurate 6-digit NAICS (North American Industry Classification System) code for your business, will not be processed. You will also be required to have a current transactional (e.g.¸checking) account with us bearing the same legal name under which your business applies for the loan, in order for us to deposit the loan proceeds.

Paycheck Protection Program Information
The SBA has published important information about the Paycheck Protection Program. This information is updated frequently, and we recommend you refer to it periodically. Click here to visit the Treasury website (to which SBA information is posted), including Frequently Asked Questions posted under Program Rules, as well as other resources.

Due to the significant interest in the Paycheck Protection Program, and the large number of applications being received across the country, we cannot guarantee funding will be available to all who apply.

Message from David Blackford, Chief Executive Officer

On behalf of the California Bank & Trust (CB&T) team, we are committed to helping your business get back on its feet and providing the path for long-term success. Helping clients rise above challenging times is a part of our DNA. As a leading bank for small businesses, we care deeply about the vitality of California's entrepreneurs, their businesses, and employees.

Currently, we are working through new Paycheck Protection Program submissions. However, given the tremendous interest in the program, there is no guarantee that new applicants will receive funding. We know how important this is to your business, and we will continue to process applications until funds are exhausted.

I am aware that businesses may see some adverse impact on their customers' behaviors and short-term spending as a result of COVID-19. Despite this, CB&T is committed to serving your needs during both good and challenging times. If you need assistance or advice, we’re here for you.

Sincerely,
David Blackford, Chief Executive Officer

CB&T Paycheck Protection Program Highlights | to-date

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Zions Bancorporation* successfully processed 45,365 loans totaling $6.89 Billion.

  • As a result of PPP, our clients reported preserving payroll for 603,921 jobs as certified in their applications.

* California Bank & Trust (CB&T) is a division of Zions Bancorporation, N.A.

Commitment to our clients

The effects of COVID-19 haven’t been easy for businesses and nonprofits, but CB&T is committed to helping them recover. Here’s how one Orange County Business is using their Paycheck Protection Program loan to support their payroll and the organization's future.

Blue Buoy


Blue Buoy Swim School


Since 1956, Blue Buoy Swim School in Orange County has taught generations of students the life skill of swimming and water safety. Nine former Blue Buoy students have even represented the United States in the Olympics. When COVID-19 hit, owners, Johnny and Cindy Johnson were forced to cease operations and furlough 30 employees. The PPP has provided a real lifeline as they work to reopen.


“Richard was fantastic and was available every step of the way,” Johnson said. “He helped answer questions and assist with collecting the documents needed to have a complete application on its way to the SBA funding portal.”


While it is not believed that COVID-19 can be transmitted by chlorinated water, Blue Buoy will be implementing enhanced operating procedures including masks, frequent sanitizing, distancing protocols, touchless faucets and closely monitoring updated guidelines set by the CDC and OC Health Department.



Alternative lending options

As an SBA Preferred Lender, we can review your alternative loan options* with the SBA. We can help you submit your application and close your loan as quickly as possible. Learn about the two different options for SBA loans:

7a SBA Loan

SBA 7(a) loans have the most flexible use of proceeds and may be used for everything from buying an owner-occupied building to providing working capital to expand your business.

504 SBA Loan

Secure long-term financing to acquire equipment or owner-occupied commercial real estate, plus a low-down payment and long-term fixed interest rates.

The Federal Reserve has announced that it is establishing a Main Street Lending Program to support lending to medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic. For more details on eligibility and conditions, please visit Main Street Lending website.

To learn about additional options, contact us today.

Useful Links

Market Insights at your fingertips

  • Stay up to date on the economy and financial markets with our latest Market Insights Quarterly – Q1 2020 Review.
  • To help clients stay informed during these times of market volatility, CB&T is providing educational webinars on the economy and financial markets, Click here to view webinars on-demand.

Newsroom

FOR COVID-19 AND PAYCHECK PROTECTION PROGRAM UPDATES

* Subject to credit and SBA approval. Terms and conditions apply. See banker for details.