Leading Entrepreneurial Bank to Help Communities Receive Financial Relief Amid COVID-19
IRVINE, CA / ACCESSWIRE / March 27, 2020 / Sunwest Bank, a privately-held, entrepreneurial business bank serving the Western United States, has announced today it will be participating in Senate Bill 3548, the "Coronavirus Aid, Relief, and Economic Security Act" or "CARES Act." The bill, which was approved and signed today, will expand the Small Business Administration 7(a) Loan Program to address working capital needs of certain businesses.
Eligibility for these Coronavirus Relief Loans through Sunwest & the SBA are as follows:
- Businesses with fewer than 500 employees that continue to employ, reemploy and pay their workers through the covered period during the Coronavirus pandemic
- Eligible businesses based upon SBA standards
Sunwest will be extending these SBA services to clients and non-clients throughout its footprint in Arizona, California, Idaho and Utah. The 7(a) loan program proceeds are eligible to fund working capital, payroll support (paid sick, medical or family leave and costs related to group health care benefits), salaries, mortgage interest payments, rent, utilities and other existing debt obligations.
"Sunwest Bank is showing its continued commitment to the communities we serve. We are invigorated by the passing of the CARES Act in this time of need," said Thomas Chavez, SBA Sales Manager at Sunwest Bank. "We are coordinating with local business owners to get them the relief they need during this trying time."
This announcement comes days after Sunwest announced business as usual amid COVID-19 pandemic. Customers will continue to have full access to online banking, ATM machines and the branch network. Sunwest relationship managers are also available to assist customers with any banking needs during this time and will remain so throughout.
"In this difficult time for our nation, it is our responsibility to be an active part of providing relief to our communities and economy through the CARES Act. Our team is actively working to deploy capital to those businesses that have been impacted by COVID-19," said Carson Lappetito, President of Sunwest Bank.
Below is a list of the terms for the Coronavirus Relief Loans (CRLs).
- The loans will carry an interest rate of 4% with no pre-payment penalty and 6-month payment deferral.
- Businesses are eligible for the lesser of 2.5 times the average monthly cost of payroll incurred over the last 12 months or $10M.
- If you were not in business over the full last 12 months, the loan amount will be based on 2.5 times the average payroll from January 1, 2020 through February 29, 2020.
- If loan funds are used for the approved purposes and the Company maintains the average size of their full-time equivalent workforce from February 15, 2020 to June 30, 2020, compared to the same period in the prior year - the principle of the loan will be forgiven. Should the workforce decline, the forgiveness will decline by a corresponding percentage. (Please contact your banker for further clarification on loan forgiveness).
- All applicants must verify their previous six weeks of payroll, and must verify payroll, mortgage interest, rent and utility payments for eight weeks after receiving the loan.
For more Sunwest Bank news, company announcements or current or prospective customer account details, please visit sunwestbank.com. For more information on Senate Bill 3548, click here.
You may also visit https://www.sunwestbank.com/SBA-Relief/ or call 1-800-330-9890 during business hours for more details on the program.
About Sunwest Bank
Founded in 1969, Sunwest Bank is a privately held commercial bank with more than $1.3 Billion in assets. Headquartered in Irvine, CA, with operations in California, Arizona, Idaho and Utah; Sunwest is an entrepreneurial business bank with a long tradition of providing excellent service to entrepreneurs, privately held corporations, family offices, small-medium sized business and real estate developers throughout the Western United States. Sunwest Bank is a Member FDIC and Equal Housing Lender. More information about Sunwest Bank and its full line of products and services is available at www.sunwestbank.com.
SOURCE: Sunwest Bank
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