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Additional $250 Billion Sought for
Paycheck Protection Program

Congressional leaders are looking to allocate up to $250 billion more for the Small Business Administration’s Paycheck Protection Program this week, according to the American Bankers Association. 

Senate Majority Leader Mitch McConnell said he hopes to see more funding provided as soon as Thursday, using parliamentary procedures allowing the Senate to pass uncontroversial legislation. The program, which began taking applications last Friday, processed more than $70 billion in the first two days. Treasury Secretary Steven Mnuchin also said an additional $250 billion would boost the Paycheck Protection Program efforts to help small business.
Mississippi Banks Assisting with CARES Act
Paycheck Protection Program Loans 

Mississippi banks are working around the clock to assist borrowers seeking relief through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The Small Business Administration continues to add new Mississippi lenders who apply for the Paycheck Protection Program loans.

“Mississippi’s banks understand the urgency of supporting small businesses and are committed to doing all they can to support small employers all around our state that are struggling with unprecedented challenges right now. The SBA PPP program provides a great tool for banks to help customers, and our banks are eager to work with local small businesses to take advantage of this program,” said Gordon Fellows, President and CEO, Mississippi Bankers Association. Fellows pointed out banks are also assisting customers with other relief programs for companies impacted by COVID-19.