Nearly all banks in Florida can now process applications for the federal paycheck protection program. Before, only certain banks were approved to give out the business loans, causing heartburn for small businesses trying to apply for the program.
Banks have to be an approved U.S. Small Business Administration (SBA) lender before they can accept paycheck protection applicants. According to the Florida Bankers Association, the SBA has fast-tracked that process. CEO and President Alex Sanchez says most banks in Florida are now approved.
"If you are eligible to apply for a small business administration PPP loan, please do so today. Don't wait. Do it now," Sanchez says.
Before the move, banks were only servicing applications from their customers. Now, they're beginning to work with non-customers for the Paycheck Protection Program. The money allows business owners to pay their employees instead of laying them off. If businesses use the money as agreed, they could have those loans forgiven. Today, Governor Ron DeSantis announced that more than 50,000 program loans have been given out to small businesses in Florida, amounting to $12.5 billion.