Tennessee banks have processed more than 19,000 loan applications in the ten days since the Small Business Administration’s Paycheck Protection Program (PPP) applications opened. These applications total more than $4.7 billion.
The PPP is part of the $2 trillion federal stimulus package. The program will allocate up to $350 billion in fully forgivable loans to small businesses to help them continue to pay employees during this pandemic.
“Working with small businesses is the backbone of what banks do, and Tennessee banks were helping their small business customers with a range of assistance programs before the government approved this new SBA initiative,” Colin Barrett, Tennessee Bankers Association president, said in a press release.
PPP loans are available to businesses, self-employed individuals and independent contractors.
For Davidson County businesses looking to apply to the program, the Davidson County Register of Deeds is providing the charter document required for the application at no cost.
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