Glen Allen, VA – According to a joint statement by Treasury Secretary Steven T. Mnuchin and SBA Administrator Jovita Carranza, the Small Business Administration (SBA) will resume accepting Paycheck Protection Program (PPP) loan applications on Monday, April 27 at 10:30AM from approved lenders on behalf of any eligible borrower. This timing will ensure that SBA has properly coded the system to account for changes made by the Paycheck Protection Program and Health Care Enhancement Act, which was signed by President Trump today.
Virginia banks will process loan applications submitted by eligible borrowers and disburse funds expeditiously. Before the $349 billion initially authorized for PPP loans was exhausted, Virginia banks processed 40,371 applications totaling more than $8.7 billion, as of April 16, according to the SBA.
“This legislation will allow Virginia banks to quickly deliver additional relief to as many small businesses as possible, saving jobs and limiting the economic damage from COVID-19,” said Virginia Bankers Association President & CEO Bruce Whitehurst.
If you would like to schedule an interview with VBA President & CEO Bruce Whitehurst on this issue or any other banking industry topics, please email him at email@example.com.
About the Virginia Bankers Association
The Virginia Bankers Association represents banks of all sizes and charters and has served as the unified voice for Virginia’s $615 billion banking industry and its 42 thousand employees since 1893. To learn more about the VBA click here.