In an interview with NPR Marketplace, American Bankers Association Past Chair Laurie Stewart reveals how her bank has managed to help small businesses during the COVID-19 pandemic.
Her bank—Sound Community Bank in Seattle—has helped issue hundreds of Paycheck Protection Program forgivable loans; loans that were critical to the survival of many of her clients. Stewart says she has seen “great results” from the PPP program. This current round of PPP “is going well”, it is not “quite as frantic as the first time around” and she is seeing “high levels of forgiveness” for PPP borrowers.
Stewart anticipates that as consumers become more confident with their safety and vaccines are widely distributed, traditional consumer and business (outside of PPP) lending will return. Listen to Stewart’s interview.