Paycheck Protection Program (PPP)
The SBA's program closed on 5/31/21. We are proud to have helped over 1,700 businesses across the Central Coast during the 2021 PPP program, issuing over $115 million in PPP loans in 2021. Should you have questions about a PPP loan you received in 2020 or 2021 from Montecito Bank & Trust, please call our Relief Center at 1(833)-MBT-4SBA or 1-833-628-4722 or submit an inquiry online.
PPP Forgiveness – 2020 First Draw Loan
Forgiveness Applications for 1st Draw PPP Loans received in 2020 that have been outstanding for 8 weeks or more (i.e. your Covered Period during which you must have used your proceeds has expired) are now being accepted through our online portal only. As a reminder, you must apply for forgiveness prior to the expiration of your 10 month Deferral Period, or the loan converts to a 1% five year term loan and payments become due.
- Loans equal to or less than $150,000: there is an abbreviated application process, which does not require the submission of documentation, however supporting documentation must be available for 6 years to present to the SBA if requested.
- Loans greater than $150,000: this application process requires supporting documentation be uploaded with the application in order to be processed and submitted to the SBA.
PPP Forgiveness – 2021 Loans
If you received a First or Second Draw loan in 2021, we are not currently accepting forgiveness applications for those loans. The SBA has not yet released guidance about how loans issued in 2021 will be forgiven. Once that guidance is provided we will update this page and email borrowers accordingly. In the meantime, please be sure to retain all documentation related to the use of your PPP funds to help with the forgiveness process when it begins.
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)-MBT-4SBA or 1-833-628-4722
Monday – Friday: 9:00am – 2:00pm