The new PPP funding will provide loans of up to $2 million for the hardest-hit businesses—those that saw at least a 25% revenue drop in one quarter in 2020, compared to the same quarter in 2019. The loan would also cover additional costs beyond the original PPP, including damage to property, personal protective equipment, and more.
Paul Merski, Group Executive Vice President of Congressional Relations and Strategy for the Independent Community Bankers of America, said the SBA and the Treasury Department would need to modify the applications to reflect the new changes in the law. As soon as we receive those changes, we will communicate them to our customers.
Paducah Bank far outpaced other banks in the market with the provision of assistance to potential Paycheck Protection Program clients when the first funding became available earlier this year. “Our team was able to process almost 500 PPP loans, which produced $60 million in funds for local small businesses,” said Mardie Herndon, President of Paducah Bank. “No other bank in our community came close to helping the number of customers we were able to assist with this much-needed funding. Our team’s success will empower local businesses to keep employees in their respective jobs during this unprecedented crisis.”