Content provided courtesy of the Delaware Bankers Association
The Small Business Administration’s Paycheck Protection Program (SBA PPP) is an unprecedented government initiative to provide desperately needed financial assistance to the small business community in response to the coronavirus pandemic. Banks and other financial institutions have been asked by the government to serve as the delivery mechanism for this aid, and banks of all sizes have responded.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
Having seen the incredible demand for PPP loans, Congress appropriated an additional $310 billion towards the program. We welcomed this development, which offered even more small businesses a much-need financial lifeline that will help save millions of jobs.
We have heard the message regarding availability of PPP loans may not be reaching business owners in every community. With more than $100 billion still available, we want to ensure that everyone has access to information about PPP loans and that small business owners know that Delaware banks are here to help.
We strongly encourage small businesses to speak with their bank about PPP and other options that might help them through this crisis. If you are a small business owner, you may qualify for a PPP loan from the SBA. These loans can help small business owners keep businesses open and employees on the payroll. But don’t delay. Funds are limited.
Banks will continue to stand by their small business customers and do everything they can to deliver this relief quickly and efficiently, saving jobs and limiting the economic damage from this pandemic. Banks were helping their customers before this crisis and they will help them after.
About the Delaware Bankers Association
Founded in 1895, the Delaware Bankers Association is a non-profit private trade association comprised of national and state chartered banks, non-depository trust companies and savings banks that have assets in or are authorized to accept deposits in Delaware.