California Banks Important Participants in Paycheck Protection Program
SACRAMENTO, Calif. – On Friday, the Paycheck Protection Program (PPP) launched, making available $350 billion in loans to help small businesses who are in need of economic relief during these challenging times.
“Given the huge demand for access to these loans, there were some initial systems challenges and programmatic questions that all parties – SBA, Treasury and our banks- have been collectively, and successfully, working together to resolve since the program’s launch on Friday,” said Steve Andrews, president & CEO of the Western Bankers Association.
As of yesterday morning, nearly 1,900 lenders had processed nearly 80,000 PPP loans totaling $22 billion. SBA also reported that up to 150 lenders are being approved to make PPP loans each hour and that new systems are being designed to help banks connect to SBA and process PPP loans as expeditiously as possible.
We encourage small business owners to contact their bank to discuss their eligibility for the PPP. Businesses may also identify a participating lender from a search tool on the SBA’s website, https://www.sba.gov/paycheckprotection/find, where small businesses can enter their zip code for a list of participating lenders.
“Our banks are on the frontlines supporting their customers and communities during these challenging times,” said Andrews. “The demand for these loans continues to be massive, and our banks are working as hard as they can with their small business customers to meet their needs.”