Catherine Leffert, Staff Writer for Dallas Business Journal caught up with Vista Bank's John Steinmetz and other leading Dallas CARES Act experts to review the first round of the Paycheck Protection Program. In hindsight, most were very complimentary of the strong effort, agency collaboration and impact for small businesses in Dallas and across the country. See snippets below and the full story linked at the bottom.
As DFW bank leaders look back on 2020's Paycheck Protection Program loans, an unprecedented initiative to help small businesses amid the COVID-19 pandemic, most said it was a good solution with a lot of challenges that made the banks stronger.
Representatives from JPMorgan Chase, PNC Bank, Vista Bank, Veritex Community Bank and North Dallas Bank and Trust Co. said PPP loans proved a labor-intensive, but worthwhile initiative, especially in North Texas, where the environment is entrepreneurial.
Vista Bank President and CEO John Steinmetz said he was proud of the way community banks were able to help businesses keep folks off of the unemployment line.
Steinmetz of Vista Bank said he’s cautiously optimistic for small businesses in 2021, largely because of how entrepreneurial-friendly Dallas is. He added Dallas has a strong worth ethic and some great chief executives in the city. Holland agreed, based on what he’s seen, that Dallas is an outlier compared to other metropolitan areas.