SBA Paycheck Protection Program
Places Temporary Hold on Accepting New Applications
Our number one priority is to ensure our small business customers receive the funding they need to keep their businesses running and employees paid. When Congress approved the Small Business Administration (SBA)’s Paycheck Protection Program (PPP), we didn’t hesitate to participate. We knew how important it would be for our clients and local economies.
After receiving final guidance from the Treasury Department and the SBA, FirstBank started accepting loan applications on Monday, April 6. Within 72 hours, we received more than 15,000 applications equaling an estimated $2 billion in funding. To put that into context: in nearly three decades, FirstBank has processed less than a third of that amount ($600 million) in SBA loans.
To handle the demand, we pulled in hundreds of employees who are working in split shifts, 24-hours a day, to process these requests. However, we are having to temporarily pause on any new SBA PPP applications to focus on closing and funding the current, approved loans.
We are also using this time to make enhancements to our application portal to create an easier, more streamlined experience for customers and help expedite the application process. We anticipate reopening the application portalon Tuesday, April 14th at noon.
Again, this is a temporary pause, and we want to assure all our customers we are working extremely hard, so we can more efficiently and effectively manage the next wave of applications and get money into the hands of small business owners as quickly as possible.
We will continue to provide updates on the SBA Paycheck Protection Program on our website at efirstbank.com. In the meantime, we encourage all businesses interested in the relief program to familiarize themselves with the eligibility requirements and necessary documentation, which can be found on SBA and the U.S. Treasury websites. We also encourage our customers who’ve been negatively impacted by the pandemic to take advantage of the financial flexibility we’re extending through our “Customer Relief Program” found on our COVID 19 response page.
Needless to say, this is an unprecedented time and an unprecedented offering. Our customers’ needs and concerns remain our highest priority, and we will continue to work around the clock to get them the support and resources needed as we navigate these very challenging times.