Effective April 3, 2020
The SBA Payroll Protection Program (“PPP”), recently signed into law, is an economic stimulus program that will provide U.S. businesses access to emergency funding through the Small Business Administration (SBA). Mission Bank is proud to say we are ready to participate in the program!
Mission Bank is an SBA Preferred Lender. Mission Bank’s designation as a preferred lender gives us the ability to participate in the loan program. We have chosen to participate for the benefit of our customers and our communities, to help everyone through this very challenging economic event.
To assist you in preparing for the SBA PPP, Mission Bank's President and CEO, A.J. Antongiovanni, has released the attached SBA Payroll Protection Program Update letter. It will answer some of the questions you may have and provides steps we are taking to help businesses recover from the economic impacts of COVID-19.
The Bank will offer temporary payment relief to borrowers in response to the widespread effects of the COVID-19 crisis. Impacted customers will be able to defer payments for up to 90 days or make interest-only payments for up to 180 days. Refer to the link for Mission Bank's press release dated March 21, 2020 below.
Mission Bank is focused on its business customers and recognizes the widespread effects of this crisis that are going across almost all industries. This is an opportunity to cushion the initial decline and aid our customers in the recovery process. We encourage our borrowers to contact their Mission Bank representative, who can work with you on a case-by-case basis.
In order to best protect our customers and team members, and to limit the spread of the coronavirus, the bank will be taking the following measures:
We encourage you to utilize alternative channels of banking such as our mobile app, mobile deposit, telephone banking, ATMs, and night drop services.
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