ABINGDON, Va., April 13, 2020 /PRNewswire/ -- First Bank & Trust Company today reported that interest in the SBA Paycheck Protection Program is high.
In late March 2020, the United States Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help support businesses and families through the on-going novel coronavirus (COVID-19) pandemic. The CARES Act expanded the SBA Section 7(a) loan program, also referred to as the "Paycheck Protection Program" (PPP), which supports small businesses. The PPP is intended to provide economic relief to small businesses with fewer than 500 employees that are adversely impacted by the COVID-19 pandemic.
First Bank & Trust Company reported over $169.3 million dollars had been allocated to SBA loans to over 1,288 entities as of April 9th, and the numbers are growing.
"Our staff is working around the clock to input all of these loans into the SBA system and get them processed," stated William Mark Nelson, CEO of First Bank & Trust Company. "We are here today because of the communities that have supported us for the past 40 years. Now, we are doing everything possible to assist and support our communities during this time of need. We encourage small business borrowers who are impacted by COVID-19 to consider applying for a loan under this new program."
About First Bank & Trust Company First Bank & Trust Company, a Preferred Lender with the SBA, and one of the top community banks in the United States. It is a diversified financial services firm with office locations in southwest Virginia, northeast Tennessee, and New River and Shenandoah Valleys. Financial objectives are addressed by offering free checking products for personal and business accounts, and assessing lending solutions managed by mortgage, agricultural and commercial lending divisions. Comprehensive financial solutions are available through trust and brokerage service representatives.