Texas Banks Ready to Serve Customers and Communities with New Round of PPP Loans
AUSTIN, January 15, 2021 – Texas banks continue to stand ready to serve their customers and communities as the impacts of the Coronavirus continue.
“COVID-19 is threatening lives and livelihoods,” said Chris Furlow, president and CEO of the Texas Bankers Association. “Now more than ever, Texas banks and our community bankers are here to help.”
Congress recently passed a COVID-19 relief package designed to provide additional assistance to the hardest-hit small businesses, nonprofits and venues to include a new round of Paycheck Protection Program (PPP) funding. Minority, women-owned and veteran-owned businesses impacted by COVID-19 are encouraged to apply for the forgivable Small Business Administration (SBA) loans.
“Congress has made changes to the PPP program, so your local bank can assist small business owners in determining if they qualify under new government rules,” Furlow said.
Since the launch of the SBA Paycheck Protection Program, Texas banks have made the overwhelming majority of 417,000 Paycheck Protection Program loans in Texas totaling over $40.5 billion.
“PPP loans processed by Texas banks have saved hundreds of thousands of small businesses and millions of jobs in nearly every community,” Furlow said. “TBA member banks—particularly our community banks—know their neighbors are in need and are working hard to provide additional support.”