Banks are staying busy as they process paycheck protection loans during COVID-19. | Pixabay
Banks are staying busy as they process paycheck protection loans during COVID-19. | Pixabay
Banks are hopping as they process applications for small business loans under the federal Paycheck Protection Program, the St. Cloud Times reported.
"Literally from the very beginning of March through probably the second week in April, (we were) working seven days a week," Brandi Nelson, vice president of Small Business Administration lending for Falcon National Bank, told the Times.
Demand for the loans was so strong, the federal government approved a second round of funding and the applications kept coming. Falcon saw the number of applications almost double in the second round.
Nelson said the program has helped small businesses survive the pandemic.
"A lot of businesses have really, really needed this money to be OK and to survive through this," she said. "I do think there's still businesses that are going to need help after this, and that's where we're hoping we can utilize our primary programs to fill in the rest of the gap."
Alerts Sign-up