The CARES Payroll Protection Program (PPP) reopened Monday 4/27/2020 at 7:30 AM PDT. Montecito Bank & Trust has successfully submitted our entire eligible application pipeline, and we are happy to be able to continue accepting applications through the process detailed below, for eligible businesses in Santa Barbara and Ventura counties. Please note, due to high call volumes our Relief Center is not able to take applications over the phone, so please do review the below steps if you are interested in applying.

If you have not yet applied and would like to, please submit an inquiry here, and you will be added to our daily inquiry outreach list. As our specialists work through this list, should funds still be available you will receive a call from a specialist who will happily walk through the application with you and take your information over the phone. To prepare for a possible call from our team, please note the following:

  • You can review the application here. We encourage you to have a completed version on hand to facilitate the discussion, and we will ask you to submit your signed application to us electronically following the call with one of our specialists.

  • Please have a 12 month payroll history file ready to securely submit to us electronically following the application call. You can review a list of frequently asked questions about payroll calculation here, the document also includes a summary of suggested documents you may provide us for verification.

  • If you or another owner have interests in other business, please have that documentation ready as well to securely submit to us electronically following the application call.

Please understand that by accepting an application we cannot guarantee funding, but we will do our best to continue securing PPP funds for our communities as long as we can.

If you have questions regarding PPP loan forgiveness, please continue to check our website as we are awaiting specific guidance from the SBA and do not yet have concrete details to provide. Our understanding currently is:

  • You are expected to spend at least 75% of the loan proceeds on payroll, and up to 25% on the other items that were specified in your loan application.

  • You are expected to maintain payroll and your full-time equivalent head count for an 8 week period following the date that your loan is (or was) funded, but we do not yet know what the required specific documentation will be to verify all of this, and whether you have to maintain 100% of prior levels or whether there will be some leeway in these numbers.

  • Congress is working on some changes including the possibility of extending the 8 week reporting period and relaxing the requirement to use 75% or more of the proceeds for payroll, but we do not have any clear guidance or details about the exact nature of those changes and their implementation, and we therefore cannot yet validate that possibility.

We understand this is a challenging time for many across our communities, and we are proud to be able to stand with and in support of our Central Coast communities during this unprecedented time. Thank you for your patience throughout this process, and please stay safe and healthy.

Additional resources can be found at the U.S. Department of the Treasury.

MB&T COVID-19 Loan Relief Center
1(833)-MBT4SBA or 1-833-628-4722
Monday – Friday: 9:00am – 2:00pm