LBA Statement for Patience with Paycheck Protection Program
BATON ROUGE—Everyone is eager for the implementation of the Paycheck Protection Program. During a crisis, there are often more questions than answers about the expectations of the federal government for small businesses and bankers in executing the steps necessary to stand new programs up. Louisiana bankers have worked diligently to prepare their banks as best they can for the Paycheck Protection Program with the information they have received. To date, the Paycheck Protection Program guidelines have not been finalized. For Louisiana bankers to serve their small business customers, the U.S. Treasury and the U.S. Small Business Administration will need to complete the guidelines bankers and small businesses are required to follow before final loan applications and funding can occur. “Bankers in Louisiana and across the nation are literally waiting for instructions from the government on how to move forward. While we are grateful for the efforts by Congress and the agencies charged with implementation, we share the frustration of small businesses who are suffering under the consequences of a deadly virus,” said LBA Chief Executive Officer Robert Taylor.
The Paycheck Protection Program is a unprecedented government initiative to provide financial assistance to small businesses. “As the tools bankers need are made available by the Treasury and SBA, Louisiana’s small businesses will have good partners with Louisiana bankers to move forward. Until the Paycheck Protection Program is fully implemented, patience will be required of us all,” said Taylor.
In passage of the CARES Act, including the Paycheck Protection Program, Congress provided needed funding to benefit small businesses desperate for help as a result of the pandemic. Louisiana bankers want the Paycheck Protection Program to be successfully implemented and achieve its intended purpose to provide a bridge until the economy reopens.
As the Coronavirus disease continues to impact Louisiana communities, bankers here are making the health and well-being of their employees, customers and communities they serve their top priority. Louisiana bankers are taking steps to respond to the needs of their individual and business customers, while continuing to execute their own business continuity plans under challenging circumstances.
Founded in 1900, the Louisiana Bankers Association’s mission is to help banks grow and prosper in Louisiana. For more than 120 years, the LBA has provided Louisiana’s bankers with top-quality professional development, revenue-enhancing products and services, governmental relations and public advocacy. For more information, go to www.lba.org