For over 200 years, banks have been a trusted source of stability in communities. Here are a few of many examples of how banks are playing a critical role in helping to provide support and recovery during the coronavirus pandemic.
Support Communities and Small Businesses via the Small Business Administration Paycheck Protection Program
The SBA’s lending program allowed businesses with fewer than 500 employees to obtain loans to continue providing paychecks to their employees while the business is closed. Congress initially allocated SBA $350 billion to provide in loans and then approved an additional $320 billion. Banks are the facilitators of those loans making sure small businesses get the money they need.
Support for Individuals Via Economic Stimulus
Banks helped to make sure individuals receive their economic impact payments from the government, facilitating transfers to those with existing bank accounts and setting up accounts for those who may not have them.
Financial Safety and Education
Banks continue to provide customers with information on identifying and avoiding scams. Especially in times of stress, banks are diligent about alerting customers to possible scams and providing tips on how to avoid them and what to do if you spot one.
Community Support and Contributions
Banks are the lifeblood of communities in times of both calm and crisis. In the midst of the pandemic, banks are stepping up to provide even more support for the communities they serve from donating to food banks to volunteering their time and resources.
Banks are essential businesses and are making sure they’re here for their customers, even in a time of stay-at-home orders. Banks are adapting their procedures to provide customers with the same great service and with today’s necessary hygienic precautions.
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