GREENFIELD, Mass. (WWLP) – A local bank is helping small businesses stay afloat during these difficult times.
Small businesses continue to struggle through the Covid-19 pandemic as they wait for more money from the federal government. Last week, the $349 billion emergency small business lending program officially tapped out.
The Small Business Administration officially ran out of money for the Paycheck Protection Program. The program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
The federal government is working on a new plan to help small businesses during the coronavirus pandemic. The new package would amount to roughly $470 billion in new spending, with $370 billion directed to small businesses.
Although the program has come to a halt right now, Greenfield Savings Bank had been doing its part to help small businesses in the Pioneer Valley. They have already approved $38 million worth of loans for more than 300 businesses.
John Howland, President & Ceo of Greenfield Savings Bank told 22News, “The great things about the PPP program is that it gives the opportunity for the borrower to have their money forgiven, the loan forgiven, and that’s the great aspect of this, that the government is putting the money back into small businesses.”
It’s still unclear when the new spending plan will be approved, but once there is more money in the system, banks, including Greenfield Savings Bank will be able to continue helping small businesses in need.
So, once the program is back up and running, you can simply log onto Greenfield Savings Bank’s website to move forward with the loan.