California Banks Still Awaiting Guidance as Paycheck Protection Program Set to Launch
SACRAMENTO, Calif. – Since the beginning of this national pandemic, California’s banks have been outreaching and working proactively with customers to minimize the adverse financial effects of the crisis caused by the COVID-19 virus.
Tomorrow the Paycheck Protection Program (PPP) is set to launch. Passed as part of the coronavirus economic stimulus package, the CARES Act, this program makes available $350 billion in loans to help small businesses who are in need of economic relief during these challenging times. Banks of all sizes look forward to the opportunity to participate in this program because it’s the right thing to do and because they want to help their business customers and help the economy get back on track.