Questions and Answers on the SBA Paycheck Protection Program
Bankers have lots of questions about the Small Business Administration’s new Paycheck Protection Program, which launched today to deliver up to $349 billion to small businesses struggling with the economic fallout from the coronavirus pandemic. On this bonus episode of the ABA Banking Journal Podcast — sponsored by Reich and Tang Deposit Solutions — Iowa community bank CEO Greg Gannon discusses his bank’s experience making PPP loans this morning. He also brings key banker questions about the program to ABA’s SBA experts James Ballentine and Dan Martini. The conversation covers how to make loans through the program, including the SBA’s E-Tran system and how non-7(a) lenders can join the program, challenges banks have faced thus far, what’s ahead for participating banks in the next week and more.