MONTGOMERY, Ala. – Congress on Thursday approved $320 billion in additional funding for the Paycheck Protection Program established through the passage of the CARES Act in late March. The additional funding will allow Alabama banks to renew their efforts to assist Alabama’s small businesses and keep Alabamians employed.
“When funding for the first round of PPP was exhausted, a survey of our membership found that Alabama bankers still had at least 5,000 loans totaling $1 billion waiting to be funded,” Alabama Bankers Association (ABA) President and CEO Scott Latham said. “Our bankers have been working around the clock to serve their customers. We applaud Congress – specifically Alabama’s delegation – for approving this much-needed additional relief for small businesses.”
Since the launch of the PPP, the Small Business Administration has pumped $4.9 billion worth of funding into Alabama through more than 28,000 loans made by financial institutions. During this second round of funding Congress included provisions to ensure money is directed toward those that need it most. In fact, additional guidance was provided today by the U.S. Treasury Department mandating that large companies applying for PPP funding must certify that the loans are necessary and other sources of funding to continue operating are not available. This should prevent unqualified companies from accessing money allocated for coronavirus relief. Such companies who previously received financing through the PPP have until May 7 to repay the loans to avoid scrutiny.
Also included in the second round of funding are provisions to direct $60 billion specifically toward smaller lending institutions. The $60 billion for smaller lenders will be split evenly between institutions with less than $10 billion in assets and those with between $10 billion and $50 billion.
Participating Alabama lenders include (See a complete list in the PDF below.):
- Regions Bank
- BBVA USA
- Peoples Bank of Alabama
- Citizens Bank & Trust
- Premier Bank of the South
- Merchants Bank of Alabama
- Traditions Bank
- Redstone FCU
- Cullman Savings Bank
- Alabama Teachers CU
- Fifth Third Bank
- Wells Fargo Bank, National Association
- Alabama CU
- Peoples Bank
- Woodforest National Bank
- Listerhill CU
- 1st Source Bank
Pages From Lenders Particip… by TheCullmanTribune on Scribd
