April 2, 2020
Dear Valued Customer:
In an effort to bolster our domestic economy amid the wide-spread business disruptions caused by the Coronavirus pandemic, the Federal Government of the United States has passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which among other things, makes a business loan available through the Paycheck Protection Program. This loan program, which can be used to meet payroll and other expenses - and contains a debt forgiveness feature - has attracted much interest. The Payroll Protection Program is being made available through the Small Business Administration and those lenders that, prior to the pandemic, were SBA-certified lenders. Lenders that are not certified but who wish to offer their customers access to the Paycheck Protection Program can apply with the SBA to become eligible to process loan applications.
As a community bank with a robust loan product offering, Washington Financial Bank is not presently an SBA-certified lender, and is not presently positioned to offer our customers direct access to the Payroll Protection Program. We have, however, submitted our application with the SBA to become an eligible lender so that we can assist our customers in applying for these highly sought after loans. We must be honest with you and say that we do not know if our enrollment and subsequent implementation of an SBA process will occur within a time period that is in the best interests of our customers.
For that reason, we are recommending that customers of Washington Financial Bank that wish to apply for a Payroll Protection Program loan do so through an established SBA-certified lender that offers the best chance of processing your loan application correctly and within a timeframe that is most advantageous for you, our valued customer. Below are links to some of the nation's largest SBA lenders.
Should Washington Financial Bank's application with the SBA be processed within a timeframe that allows us to participate in the Paycheck Protection Program, we will reach out to you. In the meantime, be safe and take care.