CBA Statement on SBA Small Business Loan Stimulus Program

Nick Simpson

CBA Statement on SBA Small Business Loan Stimulus Program

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“Banks are ready to do everything humanly possible to support U.S. small businesses and will continue working with SBA on ramping up a $20 billion annual program to nearly $350 billion in just a few months."

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Interested small businesses can learn more about participation in the Paycheck Protection Program here

 

WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement on the implementation of the Paycheck Protection Program, which starts April 3 and will be administered through the SBA 7(a) loan program:

 

“America’s small businesses, and the millions of men and women who work at them, are the foundations of communities across the country. Ensuring they receive immediate assistance in the wake of the COVID-19 pandemic is a shared priority of Congress, the Administration and the nation’s banks.

 

“A streamlined process is essential to delivering the volume of assistance necessary in a timely manner. Banks are ready to do everything humanly possible to support U.S. small businesses and will continue working with SBA to optimize ramping up an approximately $20 billion annual program to nearly $350 billion in just a few months.

 

“For small businesses, the most immediate way to receive assistance is to work with your current bank or SBA-approved lender where systems are already in place to communicate with the SBA and verification measures have already been established through the course of previous business.”

 

NOTE: Interested small businesses can learn more about participation in the Paycheck Protection Program, which starts April 3, here and more information on the Coronavirus Aid, Relief, and Economic Security (CARES) Act is available here. Of the 100 most active Small Business Administration 7(a) lenders, members of the Consumer Bankers Association make the majority of the total volume.

 

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About the Consumer Bankers Association:

The Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.