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SmartBank Secures $240 Million in Loans for Small Businesses
Thursday, July 2, 2020


SmartBank has been working diligently on behalf of local small businesses in their fight to survive the economic impact of the COVID-19 pandemic. As of mid May, the bank had processed approximately 1,700 loan applications and secured over $240 million in loan commitments through the Paycheck Protection Program (PPP) as part of the Coronavirus Aid, Relief & Economic Security (CARES) Act.

The CARES Act is the largest financial support package in U.S. history – a $2.3 trillion stimulus package – and $349 billion of that is allocated to help small businesses. The PPP comes through the Small Business Administration as an incentive for employers to maintain payroll during the pandemic. 

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