Paycheck Protection Program (PPP)
On 1/11/2021 a new COVID-19 stimulus package goes into effect, which includes $284 billion in new PPP funding, as well as retroactive changes to the current PPP Forgiveness Program. As the largest community bank on the Central Coast with assets over $1.9 billion, MB&T is proud to participate and secure as much funding for Central Coast businesses as possible. We will begin accepting applications from MB&T business clients* as early as Monday January 11, 2021, however because the SBA has limited the first period to select smaller community financial institutions (with assets under $1 billion) we will not be able to submit applications to the SBA for approval until Tuesday January 19, 2021. Applications submitted into our queue will be submitted to the SBA as soon as the SBA opens access to the next group of financial institutions. We encourage you to submit your application into our queue on the 11th if you are applying for your first ever PPP loan or if you are seeking a Second Draw (2nd PPP Loan).
PPP 2021 (review more detail in our FAQ)
- Demand is expected to be extremely high and we anticipate program changes will occur based on the degree of changes the SBA made during the 2020 program.
Three programs will be available, each with a unique set of criteria, date of availability and guidelines – First Draw, Second Draw and Modified First Draw. You can view a summary of details to date, here.First Draw
Available to eligible entities that did not receive a PPP loan in 2020Second Draw
Available to current PPP borrowersModified First Draw
Available to current PPP borrowers
- Our program will be open to current MB&T business / PPP clients first*; if funds remain after our client needs have been met and we open applications to non-MB&T clients, we will communicate accordingly.
- If you are a MB&T business / PPP client you will receive an email from our Relief Center containing a secure link to our application portal as early as Monday morning 1/11/2021. The Modified First Draw application is not yet available.
- You will be required to authenticate to begin your application. Please review details here.
- Receipt of the email and application link from our Relief Center is not a representation of your eligibility. We recommend you consult with your accountant or other tax professional and the SBA guidance to determine and confirm your business’ eligibility for each type of available PPP loan.
- Approval will not be instant, unlike prior PPP rounds. The SBA expects approvals 1-2 days after an application is submitted by the financial institution and has reserved the right to ask additional questions of the borrower.
- Applications will only be accepted online through our application portal, we will not be accepting paper / hand-filled applications. However, our Relief Center specialists are happy to assist and can be reached at our Relief Center M – F from 9am-2pm at 1-833-628-4722.
- We will not pay Agents for assistance they may provide an applicant in obtaining a PPP loan.
- More details are available in our FAQ.
*Current client is defined as a business / organization that has a MB&T deposit account in good standing as of 12/31/2020, or which received a PPP loan from MB&T earlier in 2020.
PPP Forgiveness Program
We initiated our Forgiveness Program in mid-November. However, following the recent approval of the new COVID-19 stimulus package we are pausing our Forgiveness Program. Once the SBA has issued final guidance on the required changes to the Forgiveness Program, including streamlining the process for loans < $150,000, we will adjust and redeploy our program.
- We encourage you to hold on submitting an application until the SBA has released new guidance and a potential new Forgiveness application. You may have an option to submit a Forgiveness application through the PPP portal, but we recommend waiting.
- Please continue to check this page for updates, as well as look for email communications from our Relief Center on this program.
- If your application is in progress, please contact your Relief Center specialist regarding next steps.
We understand this continues to be 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