Richwood News

An Update on SBA Paycheck Protection Program through Richwood Bank

By April 16, 2020No Comments

At 10 am this morning, the Small Business Administration (SBA) closed the application portal for the Paycheck Protection Program (PPP). This was due to reaching the cap in approved national funding of $350 billion dollars in forgivable loans allowing small businesses directly affected by COVID-19 the ability to continue paying their employees and cover operational expenses such as mortgage, lease and utilities. 

Our senate did pass an additional $250 billion to the program due to the overwhelming need, however it is still at the House and has not passed. Until this passes, no further funding can proceed. 

Richwood Bank was working with our local businesses affected by COVID-19 and fully participating in the PPP program. In the short 12 days this portal was available, they’ve been successful with preparing, documenting, submitting, processing and funding just over 300 local businesses in central Ohio. This has allowed $38.5 million dollars secured and put back into our local economy. 

Unfortunately, until this bill is passed and they release an additional $250 billion, there are another 200 local businesses waiting and needing the relief for their employees and communities. 

You can help. It’s time to come together and contact your congressman or woman and ask that they support Ohio and our nation in approving the additional funds. 

Our communities have continued to be a bright light in a dark place during this pandemic though the partnership of our health department, city and county officials, essential workers and the citizens who have honored the social distancing guidance the DeWine and Acton team have urged us to do.

Thank you for your voice and your patience in these unprecedented times!

Chad Hoffman