Mission Valley Bank is offering loans for small business owners in Santa Clarita impacted by the outbreak of COVID-19, also known as the coronavirus, officials said.

Under the recently passed CARES Act, Mission Valley Bank is now offering small business loans to those in Santa Clarita, covering paycheck protection.

The CARES Act creates a new Paycheck Protection Program for the covered period of Feb. 15, 2020 until June 30, 2020. Congress has the authority to increase the covered period until the end of 2020 if the need should arise due to the pandemic, according to officials.

“If you were in business between Feb. 15, 2019 and June 30, 2019: Your max loan is equal to 250 percent of your average monthly payroll costs during that time period,” reads an official statement from Mission Valley Bank. “If your business employs seasonal workers, you can opt to choose March 1, 2019 as your time period start date.”

Allowable uses of loan proceeds can be used for the following expenses:

• Payroll costs
• Costs related to the continuation of group health care benefits during periods of paid sick, medical or family leave, and insurance premiums
• Employee salaries, commissions or similar compensations (see exclusions above)

• Payments of interest on any mortgage obligation (which shall not include any prepayment of or payment of principal on a mortgage obligation)
• Rent (including rent under a lease agreement)
• Utilities
• Interest on any other debt obligations that were incurred before the covered period (Feb. 15, 2020 – June 30, 2020)

“Mission Valley Bank is a preferred lender in the Small Business Association (SBA) program so we are already set up to do these loans and need additional approval from the SBA,” said Tamara Gurney from Mission Valley Bank. 

To determine qualification for the small business loan, it is recommended to call Mission Valley Bank at (661) 753-5693.

“In order to best comply with the necessary ‘social distancing’ recommendations, many of our Team Members will be working remotely for the foreseeable future,” reads a statement from the bank’s website. “To ensure that your bankers are still available to assist you with your financial needs, emails and voicemails will be automatically forwarded to those working remotely.”

The Center Pointe location of Mission Valley Bank is open with reduced hours, 9 a.m. to 2 p.m. on weekdays. Mission Valley is also offering low contact services including mobile banking.For more information regarding the Mission Valley Bank’s policy during the COVID-19, pandemic, visit their resource page.

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