Yes, we are accepting PPP applications!

We are accepting applications from businesses based in Santa Barbara or Ventura counties for both First and Second Draw loans. The SBA’s program will expire on May 31, 2021 and we anticipate closing our program as early as May 26, 2021.

UPDATE: Schedule "C" Calculations

For Sole Props and Independent Contractors, who have not previously applied for a PPP loan in 2021, you may now calculate your maximum loan amount using your gross income. Previously only net income was permitted in the calculation, so now you may choose to use either in your final calculation. The new loan documents allowing for this updated calculation are incorporated into our Self-Serve online portal below.

Note: Applications that have already been submitted and approved, cannot be modified to take advantage of the changes.

It is important that you read the below information, the FAQ and Loan Matrix, as many common questions are answered in these materials.

  • MB&T business or MB&T 2020 PPP client: you will be required to authenticate to begin. Please review authentication details here.
  • Non-MB&T client: you will need to provide us with required documentation in order for us to process your application.
  • Accommodation & Food Service business (NAICS begins with 72) are eligible for up to 3.5x payroll (2019 or 2020).
  • Approval will not be instant. The SBA implemented more rigor to their approval process, which is causing delays in approvals across applications nationally, and in some cases in excess of 7 days; the SBA has also reserved the right to ask additional questions of the borrower.
  • Applications will only be accepted through our online portal.
  • Do not use Internet Explorer; please select a different browser (i.e. Chrome, Firefox, Edge, Safari) to access the application.
  • Once an application is approved, funds are dispersed within ten days (and in many cases sooner).
  • 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.
  • We will not pay Agents for assistance they may provide an applicant in obtaining a PPP loan.
  • More details are available through our FAQ.

PPP Forgiveness - First Draw Loan

Forgiveness Applications for First Draw PPP Loans 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.

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)-MBT-4SBA or 1-833-628-4722
Monday – Friday: 9:00am – 2:00pm