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Local banks help process loans for small businesses

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Posted at 11:24 AM, Apr 24, 2020
and last updated 2020-04-24 14:24:40-04

More small businesses are hoping to receive federal relief money to help them stay afloat.

Friday, President Trump signed another nearly $500 billion stimulus bill, rushing money to employers and hospitals struggling to pay the bills during the pandemic.

Locally, many small businesses missed out on receiving the first round of loan money from the Paycheck Protection Program (PPP).

An overwhelming number of applications across the country quickly drained that fund.

Congressman Salud Carbajal voted to approve the bill and said this new package allocates over $300 billion to replenish the PPP.

The Community Bank of Santa Maria is helping local business owners submit applications.

The bank's CEO warns processing the applications is going slowly but the money will be available soon after it has been approved.

"Once we get it in there, the approval is instant the funding happens within 10 business days," said Janet Silverier, President & CEO of Community Bank of Santa Maria.

The PPP loans do not have to be paid back.

One in six Americans have lost their job as a result of the pandemic.