Our fears that the funds allocated by Congress for the critically important Paycheck Protection Program (PPP) would be exhausted have sadly become reality. The SBA announced this
morning that no further applications for this small business relief/survival program would be considered.
Community banks across Texas have stepped up in a major way to support small businesses and have been met with constant challenges, changes and delays in their attempts to process these loans. Virtually all the banks we have been in contact with have numerous applications still unapproved, despite their heroic efforts to move this process forward. There is rampant frustration from both prospective borrowers and the banks attempting to meet an unprecedented demand for these critical loans.
The Independent Bankers Association of Texas, in the strongest possible manner, urges our Congressional and Administration leaders to take immediate steps to provide sufficient additional funding for this program and make it clear to the public that they are committed to ensuring that adequate funds are appropriated to support the small business sector in this period of economic crisis. There are many areas of need in our country that should and will be addressed. In our assessment, this program should take precedence at this juncture.
To contact Texas Senators Cornyn and Cruz, as well as your U.S. House member, use this link to register your support for immediate and additional PPP funding!