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Bankers applaud Paycheck Protection Program

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The Maryland Bankers Association (MBA) applauds the U.S Treasury’s newly issued guidance implementing the Paycheck Protection Program of the federal Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, an important federal stimulus bill that will provide greatly needed help to Marylanders and Maryland businesses.

With this guidance, the program is now operational. Maryland’s banks are already working with their business clients on this important program. According to MBA’s President and CEO, Kathleen Murphy, “Maryland businesses are encouraged to contact their bank or SBA lender to express interest in the program and help expedite the application process. We are optimistic about the significant impact this program will have for Maryland businesses.”

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards

● For a top-line overview of the program, visit https://home.treasury.gov/system/files/136/PPP%20–%20Overview.pdf

● If you’re a lender, more information can be found at https://home.treasury.gov/system/files/136/PPP%20Lender%20Information%20Fact%20Sheet.pdf

● If you’re a borrower, more information can be found at https://home.treasury.gov/system/files/136/PPP%20Borrower%20Information%20Fact%20Sheet.pdf

● The application for borrowers can be found at https://home.treasury.gov/system/files/136/Borrower%20Paycheck%20Protection%20Program%20Application%20%28v1%29.pdf

 

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