As the first phase of the SBA’s Paycheck Protection Program (PPP) has come to an end, Stockman Bank customers have received authorization for approximately 2,177 loans totaling $262 million.
More importantly, Stockman Bank has closed 1,427 loans and deposited $209 million into its customer’s accounts; money our customers need to stay in business and pay their employees. That means we have already delivered to our customers 80% of the dollars they have qualified for under the PPP. Our customers should receive the remaining funds by early next week.
Supporting Small Business
Over our nearly 70-year history, ensuring that our Montana farmers, ranchers and small businesses owners continue to grow and be successful has been our priority. Entrepreneurship and small business is truly the backbone of our state.
As COVID-19 continued to spread and a state-wide “shelter-in-place” order became more likely, we knew that our customers and their employees would face significant challenges. The bank monitored the legislation authorizing the PPP as it was being developed in the Senate and then worked with the Montana SBA and our congressional delegation as we prepared for implementation on April 3.
The bank designed a special product and we streamlined our procedures to efficiently mange a large volume of loans. As soon as the SBA opened up their system for new applications we were able to start qualifying customers for loans. Some of our officers worked a twenty-hour day to help ensure that customer applications were qualified as soon as possible.
Many different Stockman Bank departments came together and worked hard to help ensure that our customers benefited from the PPP loans.
The appreciation of our customers, as shown by the comments below made this process worthwhile.
- “I just wanted to send a quick note letting you know how much we appreciate your effort and prioritizing our business with regard to the PPP loan. Obviously, we will benefit greatly from the program, and are thankful that we were not shut out like so many others.”
- “Thank you so much for your time, patience and guidance throughout this loan process! I sincerely appreciate it! This loan will help us out so much in the upcoming months! You are awesome!”
- “Words can’t begin to express our gratitude for you going beyond on the call of duty in processing our PPP. Thank you for helping us out.”
- “Before this week closed out, I wanted to most sincerely thank you for all you did for us this last week – and all you do on an ongoing basis. You look out for us, and that is an asset that I cannot begin to place a value on. And you do it in a kind, patient and timely manner – again, invaluable.”
- “I hear other people in the community lamenting the challenges of submitting for a SBA loan but our experience has been totally different. You have a great team that is really stepping up to help the community and I appreciate everything Stockman has done to support our banking needs.”
- “Wow! You guys are amazing; this is such a different experience than what we were going through.”
- “I know I have often expressed my appreciation for you all. But I cannot tell you how impressed by all you have done and continue to do for my family and my business. I would do anything for you and will stand as a witness to your customer focus at anytime and at any venue! Thanks from the bottom of my heart.”
What happens now?
The U.S. Small Business Administration (SBA) announced this morning that all appropriated funds for the Paycheck Protection Program have been fully committed. As a result, the SBA is no longer accepting Paycheck Protection Program (PPP) loans until Congress approves additional funds.
- If you have already submitted an application, we will continue to process the application so it is ready to submit for SBA approval when Congress approves additional funding.
- If you have received notice that your application has been approved by the SBA, please be assured that today’s development will not impact the approval or funding of your loan. Contact your banker if you have questions.
- If you have not yet applied for a PPP loan, we will continue to accept new applications. Contact your local Stockman bank for more information or visit stockmanbank.com.