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.”
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info