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April 3 Letter from Mark Kajita to Business Owners on the CARES Act

04/03/2020

Dear Business Owners:

First of all, let me apologize for sending two communications in just two days. As I indicated in my letter yesterday, we anticipated that additional changes and process guidance would be coming soon related to the CARES Act. As of this morning, we have analyzed the more than 30 pages of amendments to the CARES Act that came in late yesterday. In addition, we have continued to work closely with SBA to formalize Baker Boyer’s approach for administering the Paycheck Protection Program (PPP).

This letter contains important updates since my letter yesterday. If you have already applied or downloaded forms, it’s important that you read the guidance below and download new forms to update your application.

IF YOU ARE APPLYING FOR THE FIRST TIME, please follow the steps listed below to submit your application for review:

  1. We highly recommend that you work with your accountant or tax preparer to:
    1. Verify eligibility requirements on the SBA website.
    2. Verify the required documents needed to submit an application.
    3. Complete the SBA’s updated Paycheck Protection Program loan application
  2. If you are already working with a Business Advisor, please email your application directly to your respective Business Advisor. Otherwise, submit your application to PaycheckProtectionLoan@bakerboyer.com and a Business Advisor will follow up with you to provide the next steps on how to complete your application package.
  3. Upon receipt of your application package, a Business Advisor will provide you with an acknowledgment of receipt.
  4. A Business Advisor will then follow-up with you to provide the next steps on how to finalize your application.

 IF YOU HAVE ALREADY APPLIED, due to the changes and process guidance, we need you to submit updated materials, as outlined in the steps below:

  1. Contact your Business Advisor to get the additional documents needed to update your application.
  2. Your Business Advisor will work with you to finalize your application package and submit it for processing.

 Please note that we are dealing with hundreds of applications so we will process yours as soon as possible. Also, given the high volume of applications, we are only accepting them from existing Baker Boyer clients.

Thank you for your patience as we implement this very important loan program. We understand how challenging this situation has been to your business and look forward to supporting you to the best of our ability as we work through this together.

Sincerely,

Mark H. Kajita, CPA
President and CEO
Baker Boyer Bank

Mark's Signature

For more information about actions taken by Baker Boyer, please review our COVID-19 Response page. You may also want to review the list of links and information we've compiled on our Coronavirus Resources page.