Attention Business Clients:
This morning, the SBA announced that the $349 billion authorized for the CARES Act Paycheck Protection Program (PPP) has been fully exhausted. Thus far, we have obtained SBA approvals for more than 1,400 of our clients, representing over $325 million in PPP loans and an estimated 30,000 jobs saved.
We, along with America’s other banks, the American Bankers Association and state banking associations, are joining together in an effort to appeal to Congress to authorize additional PPP funds. Upon their authorization, we are prepared to immediately continue accepting and processing applications to support businesses in our communities.
Meanwhile, below is important information for you to know. Our bankers will proactively reach out to clients who have submitted PPP loan applications as quickly as possible.
- If your loan application has been approved by the SBA, it is in process and will be completed and funded.
- If your loan application has been submitted to us, but has not yet been approved by the SBA, the SBA’s accounting system (ETRAN) will not allow us to submit your loan into their queue to enable processing. However, please take comfort in knowing that your application will be securely held in our queue for processing, if and when Congress authorizes additional PPP funds.
We urge you to join us in contacting members of Congress to appeal for the immediate appropriation of additional PPP funds for your business. You can contact your lawmakers by calling 202.224.3121. Whether you get a staffer or voice mail, below is guidance on what to say:
- I am calling to ask Congress to immediately approve additional funding for the Small Business Administration’s Paycheck Protection Program.
- PPP has been a lifeline for businesses like mine across the country, allowing us to preserve critical jobs in our communities.
- Don’t let this lifeline go away.
- Please approve additional funding today.
Let’s make sure Congress hears our loud, clear, unified message. You can be assured we are fully committed to continuing to champion the important role your business plays in our communities.