The Paycheck Protection Program went into effect on April 3rd, 2020, setting aside $349 billion to help small businesses keep their workforce on the payroll. Less than two weeks later, on April 16th, that well ran dry.
As a Community Bank, it is our responsibility to make sure the businesses we serve have the best chance possible at taking advantage of the program. While some banks and credit unions turned away loyal and non-customers alike, our doors remain open – metaphorically, of course. Our promise is to support every small business, non-profit, and self-employed individual possible in the communities where we live and work.
We’re happy to report that the Paycheck Protection Program has received additional funding! Points West Community Bank, as a U.S. Small Business Administration (SBA) approved lender, is accepting applications!
To date, we have helped more than 500 businesses successfully apply for funding and more than $40 million has been secured to keep our local economies running. This program is designed to help the businesses hit hardest by the pandemic by providing much-needed funds to cover payroll, rent, mortgage interest, and utilities.
We are encouraging local business people in the communities we serve who are still seeking assistance to inquire about accessing a forgivable PPP loan. We’re happy to take any questions and offer advice now as additional funds become available on Monday, April 27th.
Now more than ever, we’re proud to serve you. Taking part in the Paycheck Protection Program is a privilege, and we intend to continue providing our support.