Branch Locations Call Us 한국어 Business Personal About LOGIN CARES Act Loan Programs We are here to help you during the COVID-19 crisis CBB Bank remains committed to fulfilling its mission of providing professional services to you in this unprecedent time. Recently, the Paycheck Protection Program (PPP), part of the CARES Act, has been passed to provide capital to small businesses to help them meet their short-term ongoing expenses, including payroll costs and other costs as specified in the statute. PPP borrowers will not be required to repay the portion of the loan that is used for the purposes specifically allowed by the statute (Loan Forgiveness). Loan funds used for purposes not included in the statute must be repaid. The U.S. Small Business Administration (SBA) also offers an Economic Injury Disaster Loan (EIDL) to small business owners and it can be applied directly through the SBA: https://www.sba.gov/funding-programs/disaster-assistance While we're still waiting (as of 4/2/2020) for written guidance from SBA on how to process the new program, please see below comparison table which highlights on two emergency loans. Paycheck Protection Program (PPP) Eligibility A small business, non-profit, Veterans Organizations, tribal concerns with 500 or less employees A small business that otherwise meets the SBA's size standard Business must have been in operation as of February 15, 2020 Other exceptions or changes may apply Amounts Forgiven Amounts used to pay payroll costs during certain period may be forgiven by SBA. Details of loan forgiveness to follow Uses Payroll Mortgage Interest Rent Utilities Amount Up to 2.5x average monthly payroll cost, maximum of $10 million Maximum per employee annual payroll cost is $100,000 Other Terms Interest Rate: 1% Loan term: 2 years No collateral, no personal guarantees, no fees payable to SBA or bank Resources Paycheck Protection Program - Borrower Information Sheet Paycheck Protection Program - Application Form SBA - Paycheck Protection Program Forgiveness Application PPP Loan Forgiveness Application Form 3508 PPP Loan Forgiveness Application Form 3508EZ PPP Loan Forgiveness Application Form 3508S Direct Forgiveness Portal (Loan Amount $150,000 or less) PPP Direct Forgiveness Portal: https://directforgiveness.sba.gov PPP Direct Forgiveness Platform User Guide Other Resources US Chamber of Commerce - COVID-19 Emergency Loans Small Business Guide & Checklist The CARES Act Provides Assistance to Small Businesses Economic Injury Disaster Loan (EIDL) Eligibility All businesses that were in operation as of February 15, 2020 and was affected by the COVID-19. Please check SBA's website for eligibility Uses Working capital Fixed debts Payroll Accounts Payable Other bills that have been paid due to the disaster's impact NOT intended to replace lost sale/profits or for expansion Amount Up to $2 million Other Terms Interest Rate: 3.75% for small business; 2.75% for nonprofit organization Loan term: Up to 30 years Collateral may be required for loans over $25,000 Resources SBA Disaster Loan Assistance Application Process If you have any questions, please call us at (213) 471-4340. About CBB About Us Investor Relations Careers Contact Us Privacy and Security Privacy Security Terms of Use Accessibility Contact Us (213) 884-4200 Mon - Fri: 9:00am - 5:00pm (PST) Locations Copyright © 2021 CBB Bank. All rights reserved Member FDIC | Equal Housing Lender