1st Source Bank Stands by Small Businesses
At present, the U.S. Small Business Administration
(SBA) is no longer accepting applications for Paycheck Protection Program (PPP)
loan funding, as the $349 billion allocated to this program through the CARES
Act has been met. In the 13 days the PPP has been available, 1st Source Bank
has been able to submit and gain approval for over $554 million of funding for 2,061
small business clients in our communities.
1st
Source Bank is now advocating for the approval and immediate release of the additional
$250 billion currently under consideration by Congress to extend the Paycheck
Protection Program.
“The
need for additional Paycheck Protection Program dollars is apparent, and we are
doing everything in our power to make sure those dollars are brought to our
communities quickly,” says Chris Murphy, CEO of 1st Source Bank. “I have
personally reached out to our local members of the House of representatives and
our U.S. Senators to express the importance of this additional funding and why
the extension of this program is vital to our communities and the economy. I have
encouraged my colleagues and counterparts to do the same. The sheer volume of
applications and need for this support should be proof enough that small
businesses across this country are continuing to struggle through this
pandemic, and that additional help is needed to keep these businesses afloat
and to protect their employees and families.”
As
the decision to provide additional resources to the Paycheck Protection Program
is being weighed by Congress, 1st Source Bank is continuing to ready the
applications in our pipeline for prompt submission should the SBA re-open the
application portal. To ensure as many PPP dollars as possible are brought into
the communities we serve, 1st Source Bank will also extend our assistance to
non-clients once our pipeline of current clients is exhausted.
“I
encourage everyone to reach out to their local politicians to advocate for the
approval of the additional $250 billion for the Paycheck Protection Program,”
Murphy continues. “Small businesses are the bedrock of the communities we
serve, and it is our responsibility to speak up on their behalf so that these
businesses, and our communities, can continue to thrive.”