COVID-19 Business and Nonprofit
Business and Nonprofit Clients
To assist our clients experiencing financial hardships due to COVID-19, we are automatically waiving some fees, and providing other concessions by request. We know every financial situation is unique, so please contact us for assistance. We are here to help.
Contact us at 888-326-2265 and firstname.lastname@example.org.
CARES Act Relief Available at Beneficial State
As a Preferred Lender with the SBA, Beneficial State is participating in the Paycheck Protection Program (“PPP”). The program enables lenders to provide small businesses, certain non-profits and other entities with zero-fee loans of up to $10 million. A portion of the loan may be forgiven if the business retains its employees and their salary levels. Principal and interest may be deferred for up to a year and all borrower fees are waived. Please visit the SBA Website for detailed program information and eligibility guidelines.
May 18, 2020
The SBA & US Treasury recently released more information about the Paycheck Protection Program Loan Forgiveness requirements. The document can be viewed here. This 11-page document includes a Forgiveness Calculation Form and multiple pages of detailed guidance regarding the forgiveness calculations. We are encouraging all our PPP loan clients to review this document carefully.
We will do our very best to support you during your forgiveness request but, please note, Beneficial State Bank is not able to provide specific guidance on SBA PPP forgiveness calculations. Please confer with your legal counsel and CPA to be sure you understand the forgiveness calculation process and the representations and certifications that you are required to make to the SBA and fully understand the risks.
- We cannot accept PPP forgiveness applications via email or in person.
- Forgiveness applications cannot be submitted prior to the end of your 8-week Covered Period.
PPP loan forgiveness applications will be processed through an online portal. We are actively working to configure the portal now and will provide more information about the PPP forgiveness application process as soon as it becomes available.
Thank you for your patience as we all learn more about the SBA PPP program. We appreciate the hard work you are doing in our community and will be in touch as more information is available.
- US Treasury Department - Detailed Rules about the Paycheck Protection Program
- How to Calculate Your Paycheck Protection Program Loan Forgiveness Amount
- SBA Paycheck Protection Program Information
April 30, 2020
The SBA and Treasury recently announced that the eligibility certification on all PPP loans in excess of $2 million will be reviewed closely by the SBA. The press release about this announcement can be viewed here and the most recent PPP FAQ from the Treasury is available here. We are encouraging all our clients to be sure to review both documents and to consult with their CPAs and/or legal counsel about their eligibility for PPP loans, the implications of receiving a PPP loan, and how to best prepare for potential loan forgiveness.
April 24, 2020 - An Update on the Paycheck Protection Program
Today, Friday April 24, is the last business day before the Paycheck Protection Program (PPP) reopens on Monday morning.
We are hopeful that you will receive the support you and your business need – whether through our team at Beneficial State or another institution. We have literally worked around the clock these last few weeks to serve as many businesses and nonprofits as we could. Due to the volume of inquiries, the complexity of application requirements, the constraints of our own operational and human capacity, and the uncertainty of how long the funding will last, we recognize we will not be able to help everyone before the second round of funds are exhausted.
To those small businesses and nonprofit organizations who feel marginalized and deprioritized by the system, we see you. We too recognize that it is inherently unjust to race and compete for essential relief services. On top of that, we’re all stressed, tired and concerned, but our team is fueled by our commitment to help every last person we can.
In that spirit, each of us will continue to work through this weekend to prepare for the Round Two PPP funding window. Though we can’t guarantee results, there is a carve-out for CDFI’s (designated Community Development Financial Institutions) and smaller banks and lenders with less than $10B in assets. This works in our favor as we fall into both of these designated categories, and therefore have access to funds that others do not. Nonetheless, in keeping with our value of transparency, we want to manage expectations regarding possible outcomes.
Many institutions are gearing up for the race to the money. Please help us, or your lender of choice, help you. Leverage the resources on our website as well as the SBA’s to ensure your paperwork is in order and your business information is ready. And while we recognize that we are in for another sprint, please know we are here for you for the duration.
Do let us know if you've received help elsewhere so we can remove you from our interested list and leave space for others. Please simply email us back. Should you have any concerns, reach out to your primary relationship officer or contact us through CARES@beneficialstate.com or at 888.326.2265.
EVP, Commercial and Business Banking
April 20, 2020 - Government Small Business Lending Update
While we await the refunding of the PPP, we recommend clients and applicants apply for a grant from the US Chamber of Commerce. It is providing $5,000 grants to eligible small businesses. The application takes ten minutes and is available beginning Monday, April 20, at 12 pm PDT. Eligibility details and application are available at savesmallbusiness.com.
Small Business Relief
The Beneficial State team has been working hard to identify services we can offer to support you through this uncertain time. With the passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, more tools will soon become available through the Small Business Administration (SBA).
As a Preferred Lender with the SBA, Beneficial State will be participating in the recently approved Paycheck Protection Program “PPP”. The program will enable lenders to provide small businesses, certain non-profits and other entities with zero-fee loans of up to $10 million. A portion of the loan may be forgiven if the business retains its employees and their salary levels. Principal and interest may be deferred for up to a year and all borrower fees are waived.
Final program guidance was recently received from the federal government and we expect to open our application process shortly. If you would like to be notified when the application process opens, please complete the form below.
A few notes:
- Please don’t send in any paper/pdf application forms yet as we want to make sure you have the official application and list of required supporting documentation that is being finalized shorty.
- We are mobilizing and training associates from our business & commercial banking departments to help our SBA team with this effort – we will be all hands on deck.
- Due to the exceptionally high volume of requests, we will be prioritizing the processing of requests from existing Beneficial State Bank clients.
The passage of the CARES Act also created the Small Business Debt Relief Program for existing and new SBA borrowers. We will provide more information about this program as it becomes available. Under this program, the SBA will cover all loan payments for eligible loans and borrowers, including principal, interest, and fees, for six months. This relief will also be available to eligible new borrowers who take out loans within six months of the passage of the CARES Act.
If you have previously applied for a deferral or modification of your SBA loan, we will be here as your resource in the coming days to help filter through the options available.
Contact Us to Learn How to Apply
Interested in learning more?
Please complete the form below and we will email you when our application process is finalized and available.
Please click here to see our requirements for non-clients
Due to the exceptionally high volume of requests, we will be prioritizing the processing of requests from existing Beneficial State Bank clients.
You do not need to be a current Beneficial State client to apply for CARES Act Relief through us. We are limiting non-client applicants to individuals, nonprofits and businesses within our existing regional communities. We are also limiting applicants to those that support or manage activities that are mission-aligned or mission-neutral. Please visit our Foundation's site to learn more about our Harm to None commitment.
Are you in one of our regions?The Bank can only assist those customers located in counties in which we currently have branches and loan production offices, and the counties contiguous to those offices. This includes:
Alameda, Contra Costa, Sacramento, Sonoma, Marin, Napa, San Francisco, Santa Clara, San Mateo, Los Angeles, Tulare, Kern, Fresno
Clackamas, Multnomah, Washington, Yamhill
Clark, King, Thurston, Pierce, Snohomish
Paycheck Protection Program Frequently Asked Questions
FAQs from the U.S. Department of Treasury about the Paycheck Protection Program
Small Business Administration Direct Assistance Programs
The CARES Act includes ways you can seek assistance directly from the SBA. The programs below are managed by the SBA directly. They are not administered by Beneficial State Bank. You can apply for assistance directly from the SBA and all credit decisions are made by the SBA.
To apply for an Economic Injury Disaster Loan, please visit the SBA Disaster Loan Assistance website.
SBA Disaster Loan Assistance - Economic Injury Disaster Loans (EIDLs) & Supplemental Grants
The SBA has opened the Disaster Loan Assistance Program to affected counties. Economic Injury Disaster Loans (EIDLs) are working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
The CARE Act includes a provision to provide advances of $10,000 to small businesses and nonprofits that apply for an SBA economic injury disaster loan (EIDL) within three days of applying for the loan. The EIDL grant does not need to be repaid, even if the grantee is subsequently denied an EIDL, and may be used to provide paid sick leave to employees, maintaining payroll, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.
The SBA EIDLS are applied for, reviewed, and managed by the SBA directly. All credit decisions are made directly by the SBA. To apply for an Economic Injury Disaster Loan, please visit the SBA Disaster Loan Assistance website.
The SBA has received a multitude of applications for this program. In the coming days BSB is committed to providing the most up to date information possible regarding options between EIDL’s and PPP loans.
More CARES Act Information
The Senate Committee on Small Business & Entrepreneurship has published this guide to the CARES Act for Small Business Owners.
Branch Hours and ATM Availability
Currently, our branches are open alternate hours, from 10:00 am to 4:00 pm. We have experienced some branch closures; visit our Branches and ATMs page to see if your branch is open today.
We highly encourage use of our online and mobile banking services during this time for personal safety and the safety of our communities.
You can use your computer or smartphone to access your bank accounts 24 hours a day, 7 days a week.
- Monitor your spending
- Transfer funds between accounts
- Pay bills and individuals online
- Set up account alerts, and more!
Login to online banking to get started. First-time? Enroll here.
Download the app: "Beneficial State Bank Mobile"
Please note: There are two apps in the app store, please use the one with "mobile" in the name. Message and data rates may apply.