Friday, October 22, 2021

Local Banks Participate in 2021 PPP

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Most banks are participating in the second round of the Paycheck Protection Program (PPP), including banks based in the Santa Barbara area. The PPP loans money to small businesses, but will forgive the loans if most of it is used for payroll and rent.

Two local banks, Montecito Bank & Trust (montecito.bank) and American Riveria Bank (arb.bank) are both accepting applications for these loans. Union Bank, which acquired locally-based Santa Barbara Bank & Trust, is also participating in the program. The first draw of the loans will go to businesses that did not get PPP aid in 2020. Like most banks, these banks will give higher priority to their existing customers, This should not present a problem for most businesses, as virtually every bank is participating in the PPP.

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