Updated Paycheck Protection Program guidance, resources
  • By the numbers: $70 billion in Paycheck Protection Program funds have been approved by the Small Business Administration via 275,000 loans facilitated by 3,200 lenders.

  • Industry advocates earlier today expressed support for expanded funding for the program.

  • "By approving additional funding right away, the administration and Congress can reassure more small businesses that they will be able to benefit from this financial lifeline. In the meantime, ABA will continue to work in partnership with the SBA and Treasury to resolve remaining operational issues that are keeping banks from fully participating in this important program," said Rob Nichols, president and CEO of the American Bankers Association.

New links and resources for banks and borrowers
CBA writes Members of Congress:
Increase PPP funding now, calm small businesses seeking capital
In a letter to Members of Congress today, CBA Chief Executive Officer Don Childears wrote, "The Colorado Bankers Association urges that Congress provide additional funding for the PPP based on concerns widely held by small businesses and varied public officials that the funds quickly will be exhausted by the demand, and – importantly – we urge you to do that proactively prior to the depletion of that $349B." 

"The reason for the proactive recommendation is to send a signal to the small business community that it does not need to worry about the adequacy of funding. Now small businesses have anxiety due to their concern that SBA PPP funds will be depleted before their loan is processed," he added. 
Banks/ that have capacity to do PPP Loans for businesses that are not existing customers

The Fina n cial Services Committee of the Governor’s Task Force to address COVID-19 economic recovery wants to know banks’ participation in the recently created Paycheck Protection Program. 

While we recognize many banks still have access problems and numerous “compliance” issues are unresolved, the Financial Services Committee would appreciate each bank responding to the four questions below. 

The purpose is to put out a referral list to the small business hot line and web site of the Colorado Office of Economic Development and International Trade (OEDIT). 

Please send your reply to Jeff Kraft, Director of Business Funding and Incentives, Colorado OEDIT, at jeff.kraft@state.co.us .

1)   Are you currently able to complete Paycheck Protection Program loans?                                            Yes or No

2)   If you do not have the capability now, are you attempting to obtain it?                                               Yes or No

3)   Are you willing to serve small businesses that are not now a customer of your bank?                      Yes or No

4)    Are there any other general conditions on what entities you will or will not serve?             
Colorado Bankers Association
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