SMALL BUSINESS ASSISTANCE PROGRAMS AND RESOURCES

Many small businesses have been significantly impacted as a result of the COVID-19 outbreak. We understand just how important it is to take care of your employees, as well as your company, during this difficult time. Below are loan options and other resources to assist our business members.

The Paycheck Protection Program Loan

This loan for businesses impacted by COVID-19 related events is intended to cover monthly payroll costs (including healthcare plans), rent, mortgage interest, interest on other existing debt, and utility payments.

IMPORTANT PPP LOAN UPDATE!

Additional Paycheck Protection Program funding has been approved by the SBA. However, due to the overwhelming number of inquiries we received during the initial funding period, we are not accepting any new applications at this time.

Please note that the inquiry form previously located on this page was not an application.

If you have already completed a phone application with a Desert Financial representative and provided your financial information as requested, we have continued to process your application in anticipation of additional funding. We will contact you with follow-up information if you are approved for a PPP loan.

PPP Loan Details

Designed to help companies with 500 or fewer employees, the Paycheck Protection loan¹ was created as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act.

Program benefits include:

Low interest rate
Borrow up to 2.5x your average monthly payroll (up to $10M)
100% federally guaranteed
No collateral or personal guarantees required
No payments due for at least 6 months
Opportunities for partial or full forgiveness of the loan principal (see below for more detail)

Eligibility requirements include:

You must have an existing Desert Financial business account.
You must confirm that your business needs financial relief due to COVID-19 related events, and use the funds to maintain your workforce and operational needs.
Available to companies with 500 employees or less, sole proprietorships, 501 (c)(3) nonprofit organizations, 501 (c)(19) veterans’ organizations, and eligible Tribal businesses.

What to prepare

Here are some of the items that you’ll need to complete your Paycheck Protection Program loan application:

Business mailing address
The date you started your business
Average monthly payroll costs
Copies of payroll tax reports filed with the IRS
Documentation of annual revenue, retirement plan funding and health insurance premiums paid for your employees

How to earn loan forgiveness

The Paycheck Protection Program was designed to help small businesses and their employees. You may be eligible to have some or all of your loan principal forgiven if the funds are used for qualifying costs such as payroll, rent, utilities and mortgage interest. You’ll also need to maintain your workforce and/or restore it within a certain time frame.

Other Resources for Small Businesses

Visit our Business Services page for more information.

¹All loans subject to credit approval and program eligibility under the SBA. Restrictions may apply.