Who could have possibly guessed three weeks ago that we’d be in the situation we are today relative to the Covid-19 virus and its dramatic effects to the global health of humanity and the economy. To say these are unprecedented times (at least during my lifetime) would be a tremendous understatement.
The last few days have been quite a whirlwind with the rollout of the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) on Friday, April 3rd. Much has been written and discussed about the rollout. And not much of it good. It was an unmitigated disaster. Most of your lenders lived it.
What was good is that I got to witness firsthand the tenacity and perseverance of community bankers as they kept their heads up, battled through the challenges, and didn’t panic - all in the interests of assisting the small businesses in their beloved communities. In some cases, this PPP lifeline is more about saving these businesses – not just assisting.