PPP Loan Update
Businesses in Florence have reacted positively to the Small Business Administration’s Payroll Protection Plan Loans. Oregon Pacific Bank has reported that they have made 87 loans totaling almost 5.5 million dollars. Unfortunately for the time being, the funds have dried up and local banks like OPB and Banner Bank have a surplus of applications. A concern that OPB’s President and CEO Ron Green hopes will be addressed soon.
“There is speculation and frankly expectation that additional funding will be available, but congress is doing what congress does right now and arguing over details.”
Kelly McPhee, Vice President of Communications and Public Relations with Banner Bank says they are continuing to procees loans with the hope that more money will be available.
“And if that PPP loan program resumes we will be able to enter in as many of these loan applications as we can so that our clients and those applicants can get access to that additional funding.”
Green says the Federal Reserve has made it very easy on banks to incentivize the processing of the PPP loans. The loans cover employers payroll over an 8 week period, but with the severe economic impact to business, Green says it is a wait and see on how much more money will be allocated.
