COVID-19 Notice

Things that you need to know about coronavirus

Due to the current situation with the coronavirus (Covid-19), all of our California branches will temporarily close at 4:00pm from Monday to Friday and will be closed on Saturday until further notice. Effective June 1, 2020. We apologize for the inconvenience.

Dear Client,

We understand there is concern regarding the COVID-19 Coronavirus in our local communities. The health and welfare of our clients and employees have been and always will be our priorities as our mission dictates.

Open Bank wants to assure you that we have the resources and processes in place to provide you with continued service and are conducting business as usual with lines of communication as a key component.

As the pandemic progresses, we continue to monitor developments and take protective steps to continue to serve you.

Online Banking

We encourage our clients to access their accounts and process transactions online through www.myopenbank.com or the Open BankMobile App.

Need help?

If you are impacted by COVID-19 and need our support for your banking needs, you may call us at (213) 892-9999 or send an email to support@myopenbank.com.

We are closely monitoring the latest reports from the World Health Organization, the Centers for Disease Control and Prevention, and other state agencies. We are being proactive and taking measures to ensure you and our employees’ safety and to minimize the spread of the virus.

+ Hand sanitizers are available at all locations.
+ Increasing the frequency of cleaning at all locations, which includes disinfecting frequently touched surfaces.
+ Encouraging recommended CDC practices of social distancing for non-essential meetings.
+ Closing our offices on Saturdays to reduce traffic and allow more time to clean the locations.

You can also protect yourself by the following measures.

Keep your distance. The virus spreads most readily through close contact, so social distancing is vital to slowing it down.

Wash your hands often. Scrub with soap and water for 20 seconds. And remember to clean “high-touch” surfaces like phones, tablets, and doorknobs ~ using approved cleaning solutions.

Avoid touching your face, eyes, nose, and mouth.

Avoid contact with those that show symptoms, such as fever or cough. If you are not feeling well, limit your exposure to others.

Additional information can be found at www.cdc.gov.

We appreciate your understanding as we navigate through this unprecedented time. We will continue to monitor the situation and keep you informed as our circumstances change.

Open Bank’s mission to support our clients, our principals, our employees, and our neighbors/communities will always be our priority as we all work together to get through this challenging time.

Thank you for being a loyal neighbor and client.

SBA Amends Disaster Declaration

Disaster Assistance Now Available to all California Small Businesses Economically Impacted by the Coronavirus (COVID-19)

sba

NEWS RELEASE

Disaster Field Operations Center West

Release Date: March 19, 2020

Release Number: CA 16332 -02

Contact: Richard A. Jenkins, (916) 735-1500,
Richard.Jenkins@sba.gov

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SACRAMENTO, Calif. – The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to all California small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19), SBA Administrator Jovita Carranza announced today.

SBA disaster assistance is now available to all counties within the state of California and the neighboring counties below.

Neighboring Arizona counties: La Paz, Mohave and Yuma;

Neighboring Nevada counties: Clark, Douglas, Esmeralda, Lyon, Mineral, Nye and Washoe;

Neighboring Oregon counties: Curry, Jackson, Josephine, Klamath and Lake

“SBA is strongly committed to providing the most effective and customer-focused response possible to assist California small businesses with federal disaster loans. We will be swift in our efforts to help these small businesses recover from the financial impacts of the Coronavirus (COVID-19),” said Administrator Carranza.

SBA Customer Service Representatives will be available to answer questions about SBA’s Economic Injury Disaster Loan program and explain the application process.

“Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus (COVID-19) since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred,” said Carranza.

“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” Carranza added.

Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to apply for an Economic Injury Disaster Loan is Dec. 16, 2020.

For more information about Coronavirus, please visit: Coronavirus.gov.

For more information about available SBA resources and services, please visit: SBA.gov/coronavirus.

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About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

Mortgage Assistance Application

If you are having mortgage payment challenges, please complete and submit this application, along with the required documentation, to OPEN BANK – HOME LOAN CENTER 

Home Ownership Assistance for California Homeowners

If you are having mortgage payment challenges, please complete and submit this application, along with the required documentation, to OPEN BANK – HOME LOAN CENTER via mail: 550 S WESTERN AVENUE LOS ANGELES, CA. 90020. We will contact you within five business days to acknowledge receipt and let you know if you need to send additional information or documents.

We will use the information you provide to help us identify the assistance you may be eligible to receive. If you need help completing this application, please contact our mortgage team in HOME LOAN CENTER at 213-892-9999 or 877-296-6736.

For a list of HUD-approved housing counseling agencies that can provide foreclosure prevention information, contact one of the following federal government agencies:

– The U.S. Department of Housing and Urban Development (HUD) at (800) 569-4287 or www.hud.gov/counseling
– The Consumer Financial Protection Bureau (CFPB) at (855) 411-2372 or www.consumerfinance.gov/mortgagehelp

If you need assistance with translation or other language assistance, HUD-approved housing counseling agencies may be able to assist you. These services are provided without charge.

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Paycheck Protection Program

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. 

Paycheck Protection Program

Paycheck Protection Program (PPP) is a federal relief program created as a result of the Coronavirus Aid, Relief and Economic Security (CARES) Act to provide small businesses with funds to pay up to 8 weeks of payroll costs and non-payroll costs such as rent, utilities and interest on mortgage PPP is implemented by the U.S. Treasury Department and the Small Business Administration and authorizes up to $349 billion in forgivable loan until June 30, 2020 or until the allocated funds are exhausted, whichever comes first.

More information is available from the below link:

https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses

 
At Open Bank, we are committed to providing financial assistance through the Paycheck Protection Program to our existing small business clients during the COVID-19 crisis. In order to ensure timely processing of PPP loan applications, Open Bank will accept PPP loan applications from our existing small business clients.

Download Forms

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Required Documents – For all application

  1. Open Bank PPP Application
  2. SBA Form 2483
  3. Business legal entity document
  4. Each signer’s legal identification
  5. Business 2019 W-3 and W-2 for all employees paid

Additional Documents – If your Business did not operate full 12 months in 2019

  1. IRS Form 941 for all quarters in 2019 and 2020
  2. 2020 payroll summary listing all employees with their name, address, paid amount & paid period

Optional Documents – If you wish to add to payroll cost

  1. 2019 State & local payroll tax document
  2. 2019 Employer-paid employee health insurance amount with supporting documents
  3. 2019 Employer matching to employee retirement with supporting documents