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As a community-based business bank, Mission Valley is committed to supporting clients, staff and community. Now on the financial frontlines of the COVID-19 pandemic, the bank is focused on helping clients through the economic challenges of the situation.

Next to the health and wellbeing of family and loved ones, top of mind for most small business owners is securing funds to ensure the financial survival of their business and staff. With the recent passage of the Coronavirus Aid, Relief and Economic Security (CARES) Act, emergency financing options have broadened to include both the SBA Economic Injury Disaster Loans (EIDL) as well as the SBA Paycheck Protection Program (PPP). These two programs can dramatically help businesses manage day-to-day expenses through the worst of the crisis.
While the effects of the pandemic are far-reaching and its recovery unpredictable, the challenges presented are unique to every person and business. One-on-one conversations with bankers are vital.  Business owners and individuals need to contact their established financial institution to determine what assistance makes the most sense for them.

Economic Injury Disaster Loans (EIDL)
As explained on the Small Business Administration website, "In response to the Coronavirus (COVID-19) pandemic, small business owners are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA's Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid." Small business owners interested in the EIDL program apply directly at SBA.gov.

Paycheck Protection Program (PPP)
Created to provide a way for small businesses to keep their employees on the payroll, the Payroll Protection Program is for any small business with less than 500 employees affected by the pandemic, including sole proprietorships, independent contractors and self-employed persons, and qualifying private non-profit organizations. The SBA has stated that loan amounts will be forgiven as long as the loan proceeds are used to cover approved expenses - such as payroll costs, most mortgage interest, rent and utility costs - over the eight week period after the loan is made. Other restrictions may apply. Borrowers need to keep in mind that if they reduce staff and/or payroll or use PPP proceeds for anything aside from the approved purposes noted above, it will reduce their forgiveness amount. Funds not forgiven will be termed out over the two-year loan at an interest rate of 1% (as of April 3, 2020). The program will be available through June 30, 2020. Unlike the EIDL program, borrowers apply for PPP loans through an existing SBA 7(a) lender or other participating federally insured depository institution. If you are interested in securing a PPP Loan, the best advice is to contact your current bank for assistance.
Mission Valley Bank Centre Pointe Business Banking Office 753-5693

Tips for Business Owners:
PLAN don't panic.
CALL your banker now and talk often.
LISTEN to your Trusted Advisors - not rumors.
DEFINE solutions for both the short and long term.
ACT on sound guidance and advice, while understanding this is a very fluid situation.
HELP your banker help you by keeping them in the loop and continuing the conversation.