Tennessee banks have processed 19,074 loans through the new Small Business Administration’s Paycheck Protection Program (PPP) providing more than $4.7 billion in loans through Monday after the first 10 days of the program, the Tennessee Bankers Association said Tuesday.
“Bankers are working as hard and as fast as they can, into the night and through the weekend, to process and disburse PPP funds to struggling small businesses that are continuing to pay their employees,” said Colin Barrett, president of the Tennessee Bankers Association. “This is an unprecedented time for bankers and borrowers.”
The SBA loan program, which provides forgivable loans to businesses that agree to keep their staffs in place during the current coronavirus crisis, , is part of the $2.1 trillion economic stimulus package signed into law last month. The law allocates up to $350 billion in loans under the Paycheck Protection Program and Congress is considering raising that amount to ensure there are adequate funds for all of the loan demand.