Media Release/April 15, 2020
Charleston, WV -- West Virginia banks have been working tirelessly to assist and respond to the needs of individual and business customers as COVID-19 continues to impact our communities. According to data collected and released by the Small Business Administration, as of April 13, West Virginia Banks have processed 5,211 loan applications and received loan approvals totaling $1,054,712,809 through the US Treasury and Small Business Association’s Paycheck Protection Program (PPP).
As the industry continues to seek the Small Business Administration and US Treasury’s guidance and clarification on the remaining issues, West Virginia banks are working to ensure small business get the funding and help they need. The PPP, which is part of the $2 trillion economic stimulus package signed into law last month, allocated up to $350 billion in forgivable loans to help small businesses maintain payroll and continue to pay regular business expenses such as rent and utilities during the coronavirus pandemic. Applications went live on Friday, April 3 for businesses and Friday, April 10 for self-employed individuals and independent contractors.
The West Virginia Bankers Association continues to work with our delegation in Congress including Senator Joe Manchin, Senator Shelley Moore Capito, Congressman Alex Mooney, and Congressman David McKInley, all of whom have been staunch advocates for the industry ensuring our bankers have the tools and guidance they need to successfully carry out their role in the relief efforts and maintain a safe, sound, and secure banking system.
“This snapshot of PPP data is an early estimate of the loans being made to support small businesses that have been impacted by COVID-19 in a way that no one could have imagined. I am incredibly proud of our bankers who are providing crucial financial assistance to a key sector of West Virginia’s economy, all while working in a challenging socially distant environment” said Sally Cline, President and CEO of the West Virginia Bankers Association.
West Virginia banks are making monumental efforts to ensure small businesses prevail during this time of uncertainty. WVBankers urges customers to take an active role in contacting their bank with concerns or if they are experiencing financial hardship due to the COVID-19 health emergency. West Virginia banks are committed as always to excellent customer service and supporting West Virginia’s economy.
The West Virginia Bankers Association, founded in 1891 and headquartered in Charleston, represents the state’s financial institutions and their employees. The Association provides continuing education, develops and monitors state and federal legislative agendas, distributes information on all components of the financial industry, and promotes the public image of West Virginia’s banking industry. The mission of WVBankers is to represent and support its members, enabling them to provide a full range of quality financial products and services to benefit the communities they serve.