SBA Paycheck Protection Program FAQs

Is Sunwest Bank an SBA 7(a) lender? Are you offering SBA Paycheck Protection Loans?

A: Yes, we are offering PPP loans. Please visit the SBA Paycheck Protection Program page on our bank website for more details and begin the application process. If you are not an existing client (with an existing deposit account), we will need you to choose the “New Customers” option and apply for a new deposit account first and then select the link to complete the loan application.

Once we receive a complete application for each account from you (including all the required business documents we need), someone will contact you.  Our goal is to contact applicants within two business days of receiving a complete application – so it’s imperative you follow all the proper steps for the deposit account and the loan application and upload your business entity documents and other supporting information. A list of documents we need to complete your application is provided on the site.

Why do I need a deposit account with you in order to get the PPP loan?

A: For several reasons. First, it allows us to fund your loan proceeds into your new Sunwest operating account (which is a business checking account). Second, this will allow us to better assist you with the debt forgiveness elements of this program, which is driven off your payroll account. Third, it allows us to get to know you and your business better, because unfortunately there are people trying to fraudulently obtain loans through this program. Lastly, we hope to build a long-term relationship with your businesses, and for you to get to know what banking with an entrepreneur bank is like.

Is Sunwest Bank going to limit the number of applications you’re going to accept? I had applied through another bank and they changed their minds and said they can’t help me.

A: At this point, we are not planning to restrict/limit the number of applications. We have increased our staff for this program and will work through as many files as we can in the time allotted by the Small Business Administration (SBA).

By the time you approve my loan application, will there be money, or am I wasting my time?

A: We anticipate that there will be funds available on the program. The SBA and Treasury Department have already asked Congress to appropriate more funds for the program.

If I apply for the SBA Paycheck Protection Program Loan, am I guaranteed the money?

A: No, there are eligibility and verification criteria that must be met. Once you apply and provide us with all the documents required, we will review and make a credit determination.

If I open a new deposit account with you, but do not get approved for the PPP Loan, do I have to keep the deposit account relationship at Sunwest Bank?

A: We would love for you to be our client, but if you do not wish to maintain the deposit account with us, we will close it for you.

I downloaded and completed the PPP loan documentation from the sba.gov website. Do I have to complete it all over again on Sunwest Bank’s website, or can I provide the existing documentation to the bank and just fill out the new deposit account application?

A: The Small Business Administration (SBA) changed their program documents several times in the last two weeks, which makes it difficult to accept anything you may have downloaded and completed from there. To ensure we can process your loan as quickly as possible, please complete the SBA’s final application forms and upload all the required documents.

I applied for a new deposit account on your New Account Portal site, but I haven’t heard anything back.

A: You should have received a system-generated email confirming our receipt of your deposit account application. Please check your spam/junk mail. If you don’t see it there, we’ll need to confirm that we have the correct email address for you in the New Account Portal system.

I started a new deposit account application on your New Account Portal, and I need to submit it, but I can’t remember my password. Can you help me?

A: Please use the “Forgot Password” link on the site and answer the security question. If you do not know the answer to your security question, and you answer it incorrectly three times, the system will lock you out. We will need to verify your identity before sending you a link to reset it.

I submitted a new deposit account application on your New Account Portal, but I need to change it. What can I do?

A: Once you have submitted an application to the bank the system won’t permit you to make changes. You will need to reach out to the Relationship Manager/Officer you are working with to have them assist you.

I am struggling to complete your online deposit account application process and I can’t visit one of your offices. What can I do?

A: We can securely email you the documents we will need to collect, which include: Client Identification Profile (CIP) Form, Account Information Profile (AIP) Form, and Beneficial Ownership Certification. Once you complete those, please scan and attach them back into the SECURE email we sent you – to ensure your information is properly protected. We will forward them to our account onboarding team.

I applied for the PPP loan with you on Monday. When will I know whether the loan is approved and when will I receive loan proceeds?

A: If you applied online, our goal is to have someone reach out to you within the next 48 hours. Please be patient. We are processing applications as quickly as possible. With some of the nation’s largest banks limiting their involvement in the PPP, application volumes have increased significantly.

Have you also completed an application for a new deposit account on our New Account Portal? You will need to complete both steps in order to ensure we can expedite processing.