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Mississippi banks ready to assist with CARES Act’s Paycheck Protection Program Loans

As the novel coronavirus (COVID-19) disease continues to impact communities across the country, Mississippi banks are working around the clock to assist borrowers, including through the new Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Late yesterday evening, the U.S. Treasury Department and Small Business Administration issued further guidance for the CARES Act’s Paycheck Protection Program (PPP), which will provide up to $350 billion in fully forgivable loans to help small businesses maintain payrolls during the coronavirus pandemic.

Banks and the general public received revised guidance for the program after the close of business on Thursday, April 2 for a critical program that launched Friday, April 3.  Banks are working to quickly interpret this guidance and provide funds to customers as fast as possible.  Many banks still await final approval from the federal government to make these loans.  While some banks are now eligible to make these loans, Mississippi bankers ask for patience from the public as the program begins.

“Please remember that PPP loans aren’t the only way that Mississippi’s banks and bankers are helping their customers,” said Gordon Fellows, president and CEO, Mississippi Bankers Association (MBA). “Your banks are continuing to work through understanding all of the options available to best fit each of their customers. We will all have to be patient as we work through this process. Mississippi’s banks understand the urgency of supporting small businesses and are committed to doing all they can to support small employers all around our state that are struggling with unprecedented challenges right now.  The SBA PPP program provides a great tool for banks to help customers, and our banks are eager to work with local small businesses to take advantage of this program.”

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