Paycheck Protection Program
April 17, 2020
Community National Bank & Trust of Texas loans $55M to small businesses through the Paycheck Protection Program.
On Thursday, April 16, 2020, the Small Business Administration announced that no further applications for the Paycheck Protection Program (PPP) can be considered due to the exhaustion of funds allocated by Congress.
Community National Bank & Trust of Texas provided over $55 million to small business owners through the PPP, in spite of the program’s delayed start and its many operational challenges. Working eagerly and diligently to provide this much-needed service to customers, CNB&T has also been in contact with some applicants who were unable to get their application submitted before funds were depleted. The bank is experiencing frustration alongside these prospective borrowers who were unable to take advantage of the critical loans, due to an unprecedented demand.
“It’s been an honor to witness the unwavering determination of our employees in serving customers during this time,” said CEO Rusty Hitt. “In the midst of a global pandemic, our team has worked tirelessly to ensure small business customers are taken care of. It speaks volumes to our value of community and what CNB&T stands for. We only wish we could continue to help those who were not approved prior to the funding cutoff.”
Following guidance from the Independent Bankers Association of Texas (IBAT), CNB&T urges customers to contact our Texas Senators and U.S. House members with requests to take immediate steps in providing additional funding for the PPP during this economic crisis.
Interested persons can join the cause by submitting a formal request on the IBAT website at: https://www.ibat.org/grassroots-action-center.
For more information on CNB&T’s small business services, please call (877) 641-4500 or visit our website at www.MyBankTX.com/business.