1st Source Making Strides with CARES Act
By utilizing the Paycheck Protection Program (PPP)
loan program made available through the CARES Act, 1st Source Bank and many
other banks throughout Indiana are helping small businesses remain viable
throughout the COVID-19 pandemic. Despite the fast-paced rollout, and early
technical hiccups experienced with the loan filing platform across the country,
1st Source Bank has successfully processed roughly $400 million in PPP loans
(at the time of this release), which are backed by the U.S. Small Business
Administration (SBA), in the last 11 days.
“Small
business is a vital component of our local economy, and our team is working
tirelessly, day and night, to ensure we are supporting our clients and getting
these much-needed PPP dollars into our communities,” says Jim Seitz, President
of 1st Source Bank. “We’re pleased with the work they’ve done, and are
continuing to do, to support so many of our clients, neighbors and partners.”
“Our
bankers and loan processors are dedicated to helping our clients through this
difficult time,” says Ryan Bell, head of the 1st Source Bank SBA Department. “We
know that these dollars will have a direct impact on small businesses, their
employees and our local economy overall. The amount of dedication our team has
shown in getting these applications submitted and processed is tremendous, and
we know our clients will benefit from that hard work.”
A
benefit of PPP loans is that they can be forgiven, if in the two months
following receipt of the funds, 75% is used for payroll and the other 25% is
used only on eligible costs such as utilities, rent payment or interest on the
business mortgage over the two months.
Small business owners
affected by the COVID-19 pandemic – including sole proprietors and independent
contractors – are encouraged to reach out to their banks for assistance.
For more information
about the coronavirus and the Indiana banking community, visit the Indiana Bankers Association, COVID-19 Updates for Banks.