Main Street Practitioner Blog

Payroll Protection Plan Update from NSA CEO John Rice

By NSA Editor posted 04-06-2020 12:00 AM

  
NSA CEO John Rice has written an article to update members on the first day's activity of the Payroll Protection Program. It is apparent that businesses that are able to apply for loans from banks that are participating in the program are doing so in large numbers.
Here is a brief excerpt from the article.

En Masse Small Businesses Make Grab for Government Relief

John Rice, NSA CEO

The Small Business Administration’s $350 billion lifeline for small businesses had some growing pains to say the least yesterday, Friday, April 3rd. But that is not to suggest that they were not successes … by 9 a.m. on Friday, institutions had already processed approximately 700 loans totaling around $2.5 million to provide small businesses the relief they so desperately need. And, although slower than would have been preferred, the spigot began to open wider as the day went on.

By midafternoon the loans granted to small businesses had grown to an estimated $1.8 billion and by 7 pm the amount had ballooned to around $3.2 billion in loans...
Download the entire article here.
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