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PPP Forgiveness Underway this Month
American Riviera Bank has been successful in obtaining PPP loan forgiveness for many of our ARB customers! The SBA began accepting PPP Loan Forgiveness applications on August 10, 2020, and earlier this month, we were one of the first banks in the nation to begin receiving forgiveness on PPP loans…
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An Update on the Paycheck Protection Program
We don’t know much at this point, but the latest industry information is that the loan stimulus would likely be available to smaller businesses than before, those with 200 – 300 or less employees, who have experienced a significant drop in revenues due to COVID-19-related closures.In addition, you…
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How to Budget for Your First Home
Start with the basics: a budget.Working within a budget will ensure you set reasonable expectations for what you can afford. For tips for how to start, check out our post from earlier this year, Start the New Year Off Better, and remember, your Online Banking system has built in personal financial…
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SBA Issues Revisions to PPP Loan Forgiveness Rule
So, now what? The next logical question is, “Well, when can I apply for forgiveness?” The Rule notes that a borrower may submit a loan forgiveness application any time on or before the maturity date of the loan, including before the 8- or 24-week covered period, if you have used all of your PPP lo…
Continue ReadingPros and Cons of Homeownership
If you have good credit, and little debt, you may be thinking about grabbing up one of those low interest rates and joining the world of homeownership. Before you do, make sure you spend some time weighing the pros and cons of homeownership.ProsPride. Let’s face it, it feels good to own something…
Continue ReadingSpotlight on COVID Scams Targeting Older Adults
We’ve previously shared warnings of phishing attempts from the Secret Service, and scams involving economic impact payments from the Department of Business Oversight, but closer to home, the San Luis Obispo County District Attorney issued a warning due to reports of phone scams and price gouging. …
Continue ReadingSBA Issues New PPP Loan Forgiveness Applications
On June 16, 2020, the Small Business Administration (“SBA”) issued a revision to the very first April 2, 2020 Interim Final Rule, indicating that they would be reissuing the May 22, 2020 Interim Final Rules on Loan Forgiveness and SBA Loan Review to address amendments the Flexibility Act made to th…
Continue ReadingWorld Elder Abuse Awareness Day - June 15, 2020
The isolation orders targeting at-risk and older adults also create an even bigger risk for financial abuse. Estimates of losses due to elder financial abuse range from $2.9 billion to $39 billion annually, and remain largely underreported, albeit at rates higher than self-reports of emot…
Continue ReadingPresident Signs the PPP Flexibility Act into Law on June 5, 2020
Additional guidance is necessary before we can begin processing PPP loan forgiveness applications as the May 15, 2020 SBA PPP Loan Forgiveness Application must undergo revisions to comply with the new Act. The Small Business Administration (“SBA”) issued a Statement on June 8, 2020, indicating tha…
Continue ReadingMortgage Loans: Why Your Credit Score Matters
Today’s topic: Why Your Credit Score MattersYou know it is important to have a “good credit score,” but why? The answer is simple:Your Credit Score Plays an Important Role in determining how much your mortgage will cost you.Without a good (read: high) credit score, you could end up paying thousand…
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