April 2, 2020
Dear Business Owner,
Congress recently passed the CARES Act, a significant portion of which is intended to help small businesses like your own maintain operations in the face of economic hardship while we as a country respond to the health challenges before us. We have been fielding calls from many of our clients expressing their interest in participating in the Paycheck Protection Program (PPP).
While the Treasury Department has announced the PPP’s application opening of Friday, April 3, 2020, the Small Business Administration (SBA), will be responsible for administering the funds. b1BANK is an SBA lender for the 7(a) Loan Guarantee Program, and we have dedicated personnel ready to process your application with as much expediency as possible.
However, the SBA has not yet to our knowledge finalized many of the program’s details. We cannot process the applications for the PPP until the details are worked out, distributed, and digested. When that occurs, we will be able to process your application. In the meantime I encourage you to reach out, if you haven’t done so already, and contact your banker so that he or she can make sure we, together, have done all we can do to give your company a head start. We stand eager to do our part.
As a reminder, we as an institution are also prepared independent of the government’s efforts to assist you where we can in the form of interest-only options, deferments, and fee waivers. Should you need that assistance, please contact your banker directly or call 877.614.7600 for assistance.
While we seek to help as many in our community as we can, we will prioritize our existing client base. Banking with us means something beyond dollars and short-term transactions; it means true partnership in good times and bad.
Small businesses make the American economy special, a fact which will only prove truer as we get through this crisis and begin the process of rebuilding together.
President & CEO