SBA Paycheck Protection Program (PPP)
Commonly Asked Small Business Loan Questions
Not all banks are able to process PPP applications beginning Friday, April 3. Check with your current bank or credit union first. Additional options listed below.
- Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020.
- Many banks prioritize their own clients first.
- What You Can Do: Check with your current bank or credit union first, and follow their guidance. Be sure to get your financials ready, W-2’s, Payroll History, etc., and remain patient. The SBA has a SAMPLE PPP APPLICATION which is helpful to see what you need to have ready.
The following Chamber member banks are open to receiving inquiries:
- Comerica Bank– 760-975-0142 – [email protected]
- California Bank & Trust– 760-431-4890
- MyPoint Credit Union– 888-495-3400
- Pacific Western Bank– 760-434-3344
- Seacoast Commerce Bank– 844-886-3087
- Opus Bank (Carlsbad Branch)– 760-635-1770
If you are a borrower, click here
If you are a lender, click here
Property Tax Late Fees – Penalty Cancellation Request (4/10)
Property taxes are due Friday April 10, but the San Diego County Treasurer-Tax Collector’s Office is encouraging taxpayers to file a penalty cancellation request if COVID-19 has hindered their ability to pay. You can do so on their website, by mail, or by calling 877-829-4732.
- CORONAVIRUS EMERGENCY LOAN (SMALL BUSINESS GUIDE AND CHECKLIST)
- Full list of San Diego District SBA Lenders
- SBA Paycheck Protection Program Information
- Google Doc Comparison of each type of loan
- FAQs & ANSWERS
Independent contractors are not to be included in the calculation of payroll costs for determining the amount of the loan. Independent contractors are also not to be included in payroll costs for purposes of spending loan proceeds.
The portion of any loan that is not forgiven will mature in two years with an interest rate of 1 percent
You are not prohibited from applying for an Economic Injury Disaster Loan, but it cannot be used for payroll costs. If you have used an EIDL for payroll costs, the PPP loan must be used to refinance the EIDL loan. Moreover, proceeds from any advance up to $10,000 on the EIDL loan will be deducted from the calculation of your payroll costs and deducted from the loan forgiveness amount on the PPP loan.
Additional Small Business Loan: Economic Injury Disaster Loans (EIDL)
**If you applied before March 30th, or mailed, faxed, uploaded, or emailed your EIDL application, you need to reapply for the Economic Injury Disaster Loan Advance HERE. **
The Small Business Administration (SBA) has a low-interest loan to help businesses recover from declared disasters. You can apply for this program here.
- NEW – Guide to SBA’s Economic Injury Disaster Loans (EIDL)
- NEW – Guide to the Employee Retention Tax Credit
- UPDATED – Coronavirus Emergency Loans Small Business Guide and Checklist (Paycheck Protection Program)
- SBA Disaster Assistance One-Pager
If you are having trouble applying for this loan, Click here to register for the SBA Disaster Loan assistance. An SBDC business advisor will contact you and assist with applying for funding.
- During registration select “COVID-19” as area of assistance
- SBDC will contact the client and set up an initial telephone appointment with an advisor
- SBDC advisor will call the client at the appointment time and go over the SBA EIDL criteria, application documents
- If client then interested in pursuing an EIDL the advisor will send them the needed forms to complete and email back to the advisor
- The advisor will provide feedback to the client
- The client will then complete the online application
On March 31st, the Carlsbad Chamber hosted a SBA Loan Application Webinar with Ken Luis, Lender Relations Specialist of the US Small Business Administration, as he walks you through the complete loan application process.