COVID-19 Small Business Assistance
The following resources are intended to assist small business owners navigate federal programs implemented as a result of the COVID-19 outbreak. Contact your Western Security Bank Lender for additional information.
Paycheck Protection Program
What is the Paycheck Protection Program (PPP)?
This program gives small businesses access to short-term cash flow assistance to help cover operating expenses and keep employees employed. These loans will come directly from Western Security Bank and be guaranteed by the Small Business Administration (SBA), allowing you to work with a bank you know and trust.
Who Can Apply
Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries. Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. This means each store location could be eligible.
How To Apply
- Eligible Existing WSB Customers –
- Complete the Paycheck Protection Program Application
- Collect the required documentation
- Submit to your Western Security Bank Lender.
- Eligible Non-Customers – Taking immediate action is critical to the application process. The fastest way to access funding is through a financial institution where you already have an account. Among other things, your existing financial institution has already completed all of the federally required customer identification and beneficial ownership certification processes. The SBA provides a list of participating lenders at www.sba.gov.
Economic Injury Disaster Loans
In response to the Coronavirus (COVID-19) pandemic, small business owners are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
For more information regarding SBA Economic Injury Disaster Loans consult the SBA website.