Paycheck Protection Program Overview
Small businesses impacted by the COVID-19 Pandemic received a lifeline in second quarter 2020 with the passage of the CARES Act and its Paycheck Protection Program (PPP) loans. These loans helped provide funds for maintaining payroll and necessary business expenses, while having the potential to be completely forgiven.
In December 2020, the passage of the COVID-19 Relief Bill refreshed the program with new funding and the option for eligible businesses to take a second draw and apply for additional relief. Like the first draw, the funds are also forgivable if used on eligible expenses.
Recently, the SBA released a helpful guide to understanding the options for applying for PPP funding. We’ve included it below.
SBA PPP Guide
Bank of Southern California’s bankers have helped over 3,000 local businesses obtain PPP funding. Look over our dedicated COVID-19 relief page for more information about how we can assist your business.