Updated 5/11/20: The new funding for the PPP & HCE Act became available on Monday, April 27 after original funding from the CARES Act ran out of money. While it was expected that funds might run out within a few days, as of the end of last week there were still over $1B in funds remaining. In short, it may not be too late, but do remember that reputable lenders are processing in a first-come, first-served order, so do not wait to take advantage of this program.
Banks are reporting extraordinary volume and most are only accepting PPP applications from their existing customers. We emphasize that to take advantage of this benefit, you should start with your bank.
By far, the question we’ve been asked most is where to go for a PPP loan if your current bank isn’t taking applications. Thus far, we know of a handful of lenders that are currently accepting PPP loan applications from new customers. This is not an endorsement or recommendation of any lender and we always recommend you do your due diligence before entering into financial contracts.
Please note that this information is fluid, and specific lender requirements and acceptance of new applications may change at any time. Also please note that a lender may require a new banking relationship in order to proceed.
- US Bank (link to US Bank PPP page)
- Kabbage (link to Kabbage PPP page)
- Pacific Enterprise Bank (link to PEB SBA Loan contact page) – PEB’s application is via email, use contact info listed on the contact page. Accepting applications from $100,000 – $349,999 only.
- Centerstone SBA Lending, Inc. (link to Centerstone PPP page) – Centerstone is accepting applications, but not from independent contractors or sole proprietors at this time.
- Cross River Bank (link to Cross River Bank PPP page)
- PayPal (link to PayPal PPP page)
- Funding Circle (link to Funding Circle PPP page)
The CARES Act is by far the largest stimulus bill ever passed, and at a cost of over $2 Trillion, it still may not be large enough. Small businesses are encouraged to act quickly on available programs. The U.S. Senate’s complete guide to the federal relief program known as the CARES Act can be found HERE.
Among the most popular programs offered: The Paycheck Protection Program. See the downloadable fact sheet on this FORGIVABLE loan program for business owners HERE. Call your bank right away to see if they are participating in the program. Banks eligible to make SBA loans are eligible, but not all are participating. We recommend that you start with your bank!
Additional Relief From the State of CA
Governor Newsom announced that the State of CA will effectively provide small businesses with “bridge loans” of up to $50,000 by offering a 12-month reprieve of state sales tax. This is cash that can remain in-pocket with no fees, penalties, or interest.
For the duration of the COVID-19 crisis, we will be focused on helping businesses navigate the complex array of available resources. But we never lose sight of the fact that a diverse economy, with a wide range of well-paying jobs available in a variety of industries, is better equipped to weather a storm like the one we now face.
If your business needs help navigating resources, please contact us using THIS FORM. If we don’t have the answer, we will help you find it.
Sites to bookmark – FEDERAL:
- Centers For Disease Control and Prevention – Coronavirus
- CDC Interim Guidance for Businesses and Employers
- SBA Disaster Assistance Loan Program
- Payroll Protection Program Fact Sheet
Sites to bookmark – STATE:
- California Department of Public Health
- Governor’s Office of Business and Economic Development – Coronavirus
Sites to bookmark – COUNTY:
- Riverside University Health System Public Health – Coronavirus
- Riverside County Economic Development – Coronavirus