Working with a commercial bank with a client-centered approach can be instrumental in growing a business. Through Bank of Southern California’s innovative and customized financing solutions, we were able to assist Porto’s Bakery in their time of need and set them up for ongoing growth and success. Spotlight: Porto’s Bakery RAUL PORTO IS THE CEORead more
Starting a small business is no small feat, especially in a post-pandemic economy with unique challenges and an uneven recovery. Although small businesses took quite an impact from COVID-19, it does not mean all have disappeared. In fact, small businesses are still a driving force of the US economy employing over 50 million people. SmallRead more
Cyber-attacks are the greatest threat to the world’s financial system, said Federal Reserve Chairman Jerome Powell in a recent CBS News interview. Powell cites the risks as greater than the troubles that triggered the 2008 financial crisis. As companies do more business online, criminals have found new niches and more sophisticated tactics—the most common andRead more
Confidence in the economy is growing as industries face another hurdle: navigating the post-virus business environment. While many still work from home, or have children in online learning, feeling confidence in the economy can be difficult because of the fundamental changes of our new normal. On the other hand, economists warn of a k-shaped recovery,Read more
Phishing scams are widely used by cybercriminals to trick unsuspecting individuals into giving up their personal information. They can be easy to fall for, and according to the FTC, have cost victims over $57 million in one year alone. What does a phishing scam look like? Phishing scams operate by a cybercriminal impersonating a legitimateRead more
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,Read more
Over the past fifteen years, smart phones have changed how we live our daily lives. Recently, we’ve seen the development and implementation of new ways to process payments at retail stores through our smart devices. In this blog post, we look at mobile payments, and dive into the pros and cons of using your phoneRead more
In late December 2020, a new COVID-19 relief bill designed to support struggling businesses and citizens was signed into law. Featuring a wide range of support, it included funds for the Small Business Association (SBA) and their various assistance programs, stimulus checks, additional unemployment benefits, and more. In this blog post, we will briefly coverRead more
The IRS issues guidance on the ability to deduct eligible PPP expenses On January 6, 2021, the IRS provided new guidance on the topic of deductible expenses related to the SBA’s Paycheck Protection Program (PPP). The new guidance (Rev. Rul. 2021-2) will allow borrowers to deduct eligible expenses paid for with PPP funds, even ifRead more
The COVID-19 Pandemic has left many eager to receive the new vaccines that are starting to be rolled out. Unfortunately, criminals have quickly found new ways to defraud unsuspecting individuals through offers for fake vaccines. Don’t be fooled by scammers. Scammers will often play off victims’ fears or desires to gain personal information or solicitRead more