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.