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.
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.
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.
David Blackford, Chief Executive Officer
* California Bank & Trust (CB&T) is a division of Zions Bancorporation, N.A.
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.
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:
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.
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.
* Subject to credit and SBA approval. Terms and conditions apply. See banker for details.