More than $120B in PPP loans already distributed
Americans to begin receiving stimulus funds next Wednesday
By the numbers:
PPP and stimulus checks

  • $120 billion in PPP funding via 450,000 loans from more than 4,000 lenders had been distributed as of noon on Thursday

  • Direct cash payments to Americans are processing now. 75 million ACH transactions were processed today for payment next Wednesday

  • 15 million more will take place on April 22

  • Another 15 million will occur on April 29

  • 70-100 million payments will require paper checks

  • 5 million checks will be distributed per week (the max Treasury can do) starting on April 20

  • That pace will take 14-20 weeks, or 3-5 months

Advice from a Colorado business that secured a PPP loan: Be kind to your banker

“They are dealing with an unprecedented amount of demand and a volatile information landscape right now. Like many of us, they are working from home and juggling spouses, pets, kids and the rest of it.” 

Troy Lerner , CEO of Denver-based digital advertising agency Booyah, told the Denver Business Journal
FREE webinar series on PPP program launched today
(Click image to watch)
CBA this morning began hosting an open forum series to give bankers an opportunity to ask questions related to the PPP program. The first of the forums took place this morning and featured attorneys from CBA member firms Spencer Fane and Faegre Baker Daniels.

Bank attorneys and experts will be on-hand to to provide the most information they are able, although we know not every question can yet be answered. Additional guidance and details from SBA are still awaited.

Future forums will continue on Tuesdays and Fridays at 10 a.m. through the month of April. Below is the link to join the meeting.

Join Zoom Meeting: https://zoom.us/j/706624572

Meeting ID: 706 624 572

Dial by phone: 1 669 900 6833 | Meeting ID: 706 624 572
Consumer FAQs on stimulus payments, how to avoid scams

New resources provide answers to several commonly asked questions including how much individuals can expect to receive based on their income, when they can expect to receive payment, whether payments can be received electronically, what they can do if they do not have a bank account, how to avoid fraud and more.

Don't forget: Free ADA Litigation webinar Thursday, April 16
9 a.m.

Banks remain vulnerable to litigation related to website and physical accessibility for Americans with disabilities and laws enacted to protect them. In 2019, At least 14 suits were filed accusing banks of operating websites that violate the Americans with Disabilities Act. Banks are vulnerable to these lawsuits, experts say, because they operate websites and mobile applications that promote products and services as well as let consumers conduct transactions. 

Attorney Ryan Sugden, with CBA associate member law firm Stinson, will provide information on how banks can address or insulate themselves from potential violation.
Colorado Bankers Association
303-825-1575 | 303-825-1585