FAQs on how the PPP Lending Program Will Work

From the MS Bankers Association: We put together this document for you to share with your members following enactment of the COVID-19 response bill on Friday. We hope this document will help your members understand how we expect the PPP forgivable loan program will work. Note that banks preparing for this program now, and are currently waiting for the SBA issues guidance before the program can begin to operate. Once the guidance is issued, it will likely take a couple of days for the program to get up and running. The SBA could issue guidance as early as today. I heard Sec. Mnuchin say on an interview over the weekend that he believes the SBA will have the program fully up and running by the end of this week. Our banks are committed to helping small businesses through this challenge, but please remind your members that many banks have restricted lobby access to help protect employee and customer health and safety. Please encourage your members to call their bank before driving to the branch. Hopefully this is helpful information, and let me know if we help provide any clarity. Feel free to share this with others that might be interested or helped by this document. Gordon Fellows President & CEO Mississippi Bankers Association