04/04/2020: Coronavirus Update – April 3, 2020
Bank Updates in Response to Pandemic Impact
April 3, 2020 Update
Update to Available Business Assistance Programs
For full information about all consumer and business assistance programs visit our COVID-19 assistance page.
Paycheck Protection Program (PPP)
$349 billion was appropriated by Congress for the Paycheck Protection Program (PPP). The PPP is aimed at helping small businesses with fewer than 500 employees who have been severely impacted by Coronavirus. These loans will be made available via the U.S. Small Business Administration (SBA) funded directly through financial institutions such as Mars Bank.
The Paycheck Protection Program (PPP) was implemented on April 3, 2020. Mars Bank is an approved and participating lender with the SBA and will process a PPP application for existing Mars Bank loan and deposit customers. While the SBA final guidelines were distributed Thursday, April 2, 2020, the process for submitting and approval from banks to the SBA is not yet complete.
Read the PA Bankers’ Statement Regarding the Paycheck Protection Program rollout by clicking here.
Contact your commercial banking officer for more details about the PPP and application process.