How this Dallas bank is dealing with a massive influx of SBA loan applications

John-Steinmetx-Desk

By Rebecca Ayers – Staff Writer, Dallas Business Journal

Apr 8, 2020, 2:38pm CDT Updated Apr 8, 2020, 4:58pm CDT

 

The SBA has multiple loan programs for struggling small business owners, but the Paycheck Protection Program is one of the newest loan programs that could help small businesses stay afloat amid the COVID-19 pandemic.

Now community and regional banks are working long hours to help process PPP applications so that small businesses can weather the turbulent times brought on by the coronavirus. The Coronavirus Aid, Relief, and Economic Security Act earmarked $350 billion in federally guaranteed loans for businesses with fewer than 500 employees for the PPP. Loans will be available up to $10 million as part of the program.

Vista Bank, which is based in Dallas, processed its first PPP loan late last week at 3:30 a.m. due to the amount of traffic pouring into the portal, the community bank’s president and chief executive officer, John Steinmetz, said in an interview on Wednesday.

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VistaBank