County National Bank Funds $131 Million in PPP Loans for 900 Small Businesses

(May 11, 2020 3:48 PM) Jackson area businesses directly affected by the COVID-19 pandemic have shown strong interest in the Small Business Administration’s (SBA) Paycheck Protection Program (PPP).   County National Bank (CNB) has been taking proactive steps to respond to the needs of individuals and business customers, assisting with loan applications and funding. 

The Paycheck Protection Program (PPP) is a government initiative to provide needed financial assistance to the small business community in response to the coronavirus pandemic. Banks and other financial institutions were asked by the government to serve as the delivery mechanism for this aid, and CNB has responded. 

Following the SBA’s initial launch of the program, County National Bank provided 509 small businesses with $102 million in loans backed by the government to keep their workers on the job. Having seen the overwhelming demand for PPP loans, Congress appropriated an additional $310 billion towards the program. CNB welcomed this development, which offers even more small businesses a much-need financial lifeline that will in turn help save millions of jobs. Since the release of the second round of Paycheck Protection Program funding, CNB has provided an additional 400 small businesses with $29.7 million in loans. In total, over 900 small businesses have been approved for over $131 million with the assistance and guidance of County National Bank.

County National Bank says they will continue to stand by small businesses and do everything they can to deliver this relief quickly and efficiently, saving jobs and limiting the economic damage from this pandemic.

In a statement, CNB said, “CNB was helping our customers before this crisis and we will continue to do so.  At County National Bank we recognize that each relationship is unique. It is important for us to listen, discuss and respond to each customer’s needs. This has always been our stance and has been our focus in recent weeks as we meet the needs of our customers.”