Eagle Bank and Trust is aggressively participating in SBA’s Payroll Protection Program (PPP) according to Jeff Lynch, President and CEO of the bank. The PPP was established by Congress as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act to assist small businesses in keeping their employees paid during the COVID-19 pandemic. Banks throughout the United States lead the way in funding $349 billion of loans in 14 days before the initial funding was exhausted. Arkansas Banks provided 14,000 of these loans totaling more than $2.1 billion.
Eagle Bank is a proud participant in the PPP loan program. Once the SBA had funds available, Lynch stated the bank immediately experienced high demand for assistance from businesses. To meet the customer’s needs, he indicated their team began working days, nights, and weekends to help provide funds to keep their customer’s employees paid and working during this challenging time.
The original appropriation of $250 Billion dollars on April 3, 2020, was exhausted within 14 days, and temporarily halted Eagle Bank’s ability to process the PPP loans. An additional $320 billion in additional funding for PPP loans has been introduced by Congress and is expected to receive final approval on April 24th. Approval of new funds will allow Eagle Bank to once again accept and process applications from area businesses for the Paycheck Protection Program. Some forecasters believe the proposed newly appropriated funds will be exhausted quickly, so Lynch urges customers to contact their nearest Eagle Bank branch location without delay to learn about the program or speak to a bank loan officer to begin the loan process. The bank encourages all eligible businesses to participate and get the funds they need to meet their payroll and keep their business open” said Lynch. To this point in time, PPP loans closed by Eagle Bank has saved almost 1,000 jobs in the communities they serve.
