Sunwest Bank Announces Participation in New Stimulus Bill Providing More than $284 Billion in Relief to Small Businesses

Leading Entrepreneurial Bank to Help Communities Receive Additional Financial Relief Amid COVID-19

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Jan 05, 2021, 18:09 ET

IRVINE, Calif., Jan. 5, 2021 /PRNewswire/ -- Sunwest Bank, a privately held, entrepreneurial business bank serving the Western United States, has announced today it will be participating in the most recent economic relief package, which includes an additional $284 billion for the Paycheck Protection Program (PPP) for small businesses, created under the original Coronavirus Aid, Relief, and Economic Security Act (CARES Act) in March.

Sunwest Bank provided over 2,000 PPP and MSLP loans across the Western United States during the first round of funding earlier this year and is gearing up for the next round of funding. If you have already received a PPP loan, below are the key details regarding program changes and eligibility for a second PPP loan.

A second PPP loan will be available for businesses with fewer than 300 employees and that sustained a loss of revenue of 25% or greater during any quarter in 2020.

Restaurants and hotels (NAICS code 72 will be eligible for 3.5x avg. monthly payroll) and all other business will be eligible for 2.5x.
Loan size is capped at $2mm and the total of the two loans cannot exceed the initial $10mm cap.

Expenses paid for with PPP loans will now be considered tax deductible.
Expenses eligible for forgiveness have been expanded to include the following (if your loan has already been forgiven, you are excluded from this change):

Operational expenditures: business software, payroll software, HR, billing functions, accounting, tracking of inventory
Property damage: vandalism or lootings that is not covered by insurance (during 2020 only)
Supplier costs: POs, perishable goods, or inventory
Worker protection: screens, cough guards, or any structure to be in compliance with new health codes from the CDC or DHHS

PPP Loans under $150,000 will have a one-page forgiveness application.
501(c)(6) organizations that are not lobbying organizations such as chambers of commerce, trade associations, and boards of trade are now eligible if they have fewer than 150 employees.

If you did not apply for or receive a PPP loan in the first round, you have another opportunity to apply for one now. The program guidelines are largely unchanged, except the maximum loan amount is now $2 million and eligible businesses must have 300 employees or less (excluding NAICS code 72 businesses).

To apply for either your first or second PPP loan, please visit Sunwest's PPP page to apply.

"The Sunwest team provided impeccable service to our PPP borrowers during a time of need and our team is ready to meet our clients' needs with this new round of PPP funding," said Carson Lappetito, President of Sunwest Bank.

If you are interested in a PPP loan under the renewed program or have any questions about the program, please call us at (866) 920-2745 or visit our website at www.sunwestbank.com.

About Sunwest Bank
Founded in 1969, Sunwest Bank is a privately held commercial bank with more than $2.0 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.

Media Contact:
Heather Tidwell
(949) 777-1333
[email protected]

SOURCE Sunwest Bank