Our nation’s small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. On Friday, March 27, 2020, the President signed into law the CARES Act, which contains $349 billion in relief for American workers and small businesses.
Small Business Aid Programs
Paycheck Protection Program
Note: Pacific Crest is not accepting PPP applications at this time.
A forgivable loan designed to provide incentive for small businesses to keep their workers on the payroll.
Available through August 8th, 2020. Businesses must apply through an SBA approved lender. If applying through Pacific Crest, your completed application must be received by close of business on August 6th to allow sufficient time for processing.
Maximum loan amount is 2.5 times an organizations monthly payroll
Loan forgiveness may be available from SBA if certain criteria are met
Small business owners currently experiencing a temporary loss of revenue due to the COVID-19 pandemic may apply for a loan up to $2 million and will automatically receive $10,000 advance deposited to their account. The advance will not have to be repaid. Funds will be available within three business days of application. Apply online through the SBA website.
SBA 7a Debt Relief Program: Businesses who have existing SBA 7a loans will have 6 months of principal and interest payments forgiven. These businesses should research the SBA website.
SBA Express Bridge Loan: Businesses who have existing SBA lending relationships can apply for up to $25,000 in bridge loans. These businesses should research the SBA website.
Contact your SBA loan servicer regarding these options.
Existing Pacific Crest Loans
We believe that healthy businesses build healthy communities. Providing capital to businesses and producers creates economic growth, creates jobs, and is essential to the vitality of our region. We see our relationship with every business owner as a partnership. Our Business Services Team cares deeply about the success of every business, producer, and operator we serve. We are here to work with you through the good times, and the lean times. If you are facing challenges, or even see some potential ones on the horizon related to the COVID-19 crisis, its time to start working on those challenges together. Each business and situation is unique and requires a solution specific to your needs, so reach out to our Business Services Team. We’ve already rolled up our sleeves and are ready to get to work with you, rising to meet today’s challenges.
Pacific Crest isn’t a bank. We’re a financial co-op owned by 16,000+ people in the Klamath Basin and surrounding rural communities. In 2018 alone, we returned a financial benefit of over $23 million to our home and yours — by reaching out, giving back, and paying it forward.
At Pacific Crest, we build partnerships and provide services designed to make a difference, while devoting hundreds of volunteer hours every year to good causes.
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