The federal government has announced changes to the Paycheck Protection Program (PPP), including updated loan forgiveness terms. For the most up-to-date information, please visit the U.S. Treasury Department PPP page.
Congress has passed the CARES ACT, which includes funds allocated for small business relief under the “Paycheck Protection Program” or PPP. Under the PPP, forgivable loans will be available under the SBA 7(a) program. These PPP loans can be used to provide cash-flow assistance to employers who maintain their payroll during this emergency, help workers remain employed and enable affected small businesses to recover from the crisis.
As an SBA Preferred Lender, Banc of California is ready to assist you now to evaluate your eligibility and help you qualify and receive a loan. We expect high demand for the PPP and recommend that you call your Relationship Manager or our dedicated PPP team directly at 877-595-3789 if you are interested in discussing this further.
With school closures due to the outbreak of COVID-19, the educational agency LEARN needed to lay-off hundreds of staff who serve students in three districts in and around the city of Whittier. To save the school and its employees, LEARN immediately applied for a Paycheck Protection Program Loan. With the assistance of the Banc of California team, LEARN was able to submit the necessary paperwork and was approved for a loan of $758,505. The relief funding has helped to keep staff on to prepare and train them for interacting with students using a new virtual platform.
“Thank you so much, especially on behalf of our employees. PPP will help us rehire the almost 300 staff we laid off
in March.”
– Brenda Carrillo, LEARN, Chief Financial Officer
If your business is ineligible under the PPP, there may be other forms of financial assistance available. Please call your Relationship Manager for further information.
We have been proudly serving clients in Southern California, with roots dating back nearly 80 years. Our strength and stability, along with the commitment to building deep relationships with our clients, are what make Banc of California one of the premier banks in Southern California. With over $7.5 billion in assets and significant excess capital, Banc of California has the strength and resources to help you and your business succeed.
You can start by gathering documents evidencing payroll costs for 2019.
We will update this page regularly as new information becomes available. We are committed to supporting our clients as you navigate these options. For assistance, please call your Relationship Manager or fill out the form on this page and we will contact you.
Here are some additional resources for more information:
The information contained herein is for general informational purposes only and is intended as an overview. The program as described herein is subject to change or cancellation without notice and other material conditions may apply. This is not an offer to lend or otherwise extend a credit or loan of any kind and in no event shall it be construed as a binding agreement or contract of any kind or nature.
Back To Top
