Daily Business Report-Aug. 12, 2020
Bank of Southern California is currently working with its PPP customers on loan forgiveness options.
Bank of Southern California provides
PPP loans for 2,843 small businesses
totaling $496.5 million
Bank of Southern California, N.A., a community business bank headquartered in San Diego, reported Tuesday that it has funded a total of $496,514,956 in Paycheck Protection Program (PPP) loans.
These results, which reflect all three rounds of government allocations of PPP funding, provided 2,843 local small businesses impacted by the Coronavirus (COVID-19) with vital financing. Together, these businesses were able to retain or restore jobs for 56,188 individuals.
“We are proud of Bank of Southern California’s PPP loan results and our ability to support not just customers, but all Southern California communities,” said Tony DiVita, executive vice president and chief operating officer.
During the first round of funding, 928 PPP loans were funded for more than $339.2 million. Amid the second round of funding, 1,651 PPP loans were funded amounting to $146.6 million and during the third round, 264 PPP loans were funded for $10.8 million. Of significance, every Bank of Southern California customer who qualified and wanted a PPP loan, received one. Additionally, the bank helped thousands of local businesses who were not existing customers.
Bank of Southern California is currently working with its PPP customers on loan forgiveness options. The bank plans to participate in the next round of PPP funding, pursuant to the passing of the Continuing Small Business Recovery and Paycheck Protection Program Act.
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Viasat partners with American Express
to support small business during pandemic
ExecutiveGov
Carlsbad-based Viasat has partnered with American Express, along with other companies, under the Stand For Small program to support millions of small businesses during the COVID-19 pandemic, Viasat reported on Monday.
“Our goal is to help small businesses thrive in their communities by enabling them to reliably stay online and connected to customers, partners and prospects,” Cody Catalena, Viasat’s vice president and general manager of Global Business Solutions, said.
The Stand for Small initiative will provide support and access to business-critical services, offers, tools and expertise and benefits through a centralized, digital platform. The resources will assist small businesses during the COVID-19 crisis and recovery efforts.
Viasat’s partnership will also help business owners reduce operating expenses, manage teams remotely and enhance digital capabilities. Viasat will provide discounted satellite-enabled business internet services to new U.S. small business customers.
The company’s business Internet service covers 96 percent of the U.S. population, and offers a variety of unlimited and metered data plans with download speeds up to 100 Mbps.
Viasat has also implemented a number of initiatives to help U.S. small businesses stay connected during the COVID-19 crisis, including grants to help make their businesses more resilient and the FCC’s “Keep Americans Connected” program.
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Penalty relief available for small business
owners, homeowners facing defaulted tax bills
San Diego County Treasurer-Tax Collector Dan McAllister announced his office is offering penalty relief for small business owners and homeowners who are among those receiving more than 28,000 defaulted bills.
“We know many of the late bills are due to COVID-19, and we want our taxpayers to know there could be relief,” said McAllister. “They may qualify to have their penalties waived if they file for a COVID-19 cancellation request. Our customers must provide documentation as evidence to show how the pandemic impacted their ability to pay their second installment by April 10.”
This week, the Treasurer-Tax Collector’s Office is mailing 28,623 defaulted bills to property taxpayers who failed to pay all their 2019-2020 property taxes.
“We’re sending 6,195 more defaulted bills than we sent last year,” said McAllister. “We expected to see an increase in tax defaults due to COVID-19’s impact on the San Diego economy and workforce.”
The defaulted bills total over $127 million; last year, $92 million in defaulted taxes was due.
The deadline to pay the 2019-2020 annual tax bill was June 30. Beginning July 1, each late bill will incur a 1.5 percent penalty each month (18 percent each year) it remains unpaid. That is on top of the 10 percent penalty added for each late installment.
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Key member of Petco Park development team
joins Midway Sports & Entertainment District
Erik Judson, CEO of JMI Sports, a key member of the development teams for Petco Park and SDSU West stadium, has joined the Midway Sports & Entertainment District (MSED) team as the project moves through the final stage of City of San Diego’s competitive bidding process for redevelopment of the Sports Arena site.
Judson and his JMI Sports team will lead the development of a plan for a potential new arena at the site as an alternative to MSED’s plan to refurbish and modernize the existing arena.
Judson and John Moores, former owner and chairman of the San Diego Padres, founded JMI Sports in 2006. Prior to that, Judson spent 10 years with the San Diego Padres. As the first hire dedicated solely to managing the design and development of the team’s new ballpark, Judson was involved in every aspect of the project from the earliest stages of planning through the successful opening of Petco Park in 2004.
“Erik obviously is a tremendous asset. He adds a new dimension to our team and our vision for the Sports Arena site, and more importantly he has the experience and the know-how to get this done,” said David Malmuth of the Midway Sports & Entertainment District.
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National University Board of Trustees
approve major tuition reduction
National University’s board of trustees has approved a new tuition plan that would significantly reduce the cost of attendance, including scholarships that would make enrollment near-free for Pell-eligible students.
As a follow up to the gift National University received from T. Denny Sanford in October 2019, the university is:
- Doubling the award amount of existing scholarships, enabling Pell-eligible students to earn a bachelor’s degree for close to no cost;
- Creating Opportunity Scholarships, valued at $30 million total, for displaced workers and working adults in need of financial support to re-engage with their college studies;
- Launching the Fast Track Scholarship, which reward students with a fourth tuition-free course for every three courses completed within a six-month period;
- Investing in additional on-demand support services, including holistic student support and other services designed to remove barriers to degree completion.
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60,000 students ready to begin fall classes
at San Diego Community College District
The fall semester begins Monday, Aug. 17 at San Diego City, Mesa, and Miramar colleges with most classes being offered virtually due to the COVID-19 pandemic. Exceptions are being made for classes with labs, for first responders, and a few other programs that require hands-on learning for certification/licensing.
The San Diego Community College District made a decision to keep classes online for the fall semester in early May in order to allow the most amount of time for planning and to ensure students will have the support they need. The district has already distributed nearly 2,000 laptops to assist students with the transition to online learning.
With many San Diegans out of work, the district is seeing considerable interest this fall in academic programs that lead to good-paying careers such as architecture, automotive, digital media, healthcare, information technology, manufacturing engineering technology, and nursing.
There is also considerable interest in free adult education classes offered at San Diego Continuing Education, which begins its semester on Sept. 8.
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Monarch School Project awarded
$10,000 from Cavignac & Associates
San Diego’s Monarch School Project, a local organization dedicated to educating students impacted by homelessness, was officially awarded a $10,000 donation from San Diego’s Cavignac & Associates.
Cavignac & Associates originally received a $5,000 for Monarch School Project through a submission process, and Liberty Mutual and Safeco Insurance offered Jeff Cavignac, agent at Cavignac & Associates, an additional chance to raise even more funds through Facebook support via the official Make More Happen microsite www.AgentGiving.com. Together, they were able to raise an additional $5,000 by having their story shared at least 500 times over the course of a week to total the donation to $10,000.
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S.D. Women’s Week Leadership Conference Goes Global
New virtual format with no boundaries features Daymond John, Linda Cureton, Ed Smart, Amy Trask
San Diego Women’s Week, celebrating 11 years of inspiring, empowering and connecting women is now virtual with leadership events for all ages and professions. Attendees enjoy virtual networking, keynote speakers, panel discussions, and more, all wrapped around creative solutions to everyday issues affecting leaders in the workplace and in their daily lives.
WHEN: Wednesday, Aug. 26 – Friday, Aug. 28, 2020
WHO: Keynotes for 2020 Leadership conference include:
- Daymond John from Shark Tank: Powershift, Transform Any Situation, Close Any Deal, and Achieve Any Outcome.
- Linda Cureton, Former CIO – NASA: Managing and Leading in a Tough Environment.
- Ed Smart, Father of Elizabeth Smart: Two Miracles, and Standing up for Yourself.
- Amy Trask, Former NFL Team Executive – Los Angeles Raiders: Leadership Vulnerabilities.
WHERE: Wednesday – Virtual Women and Wine 6-7:30 p.m.
Friday – Virtual Leadership Conference 8:30 a.m. – 6:30 p.m.
Click here for complete list of speakers and additional details.
