Regional banks already distributing ‘Paycheck Protection’ funds to small businesses

Author: Jason Whitely

Published: 4:45 PM CDT April 10, 2020

Updated: 10:52 PM CDT April 10, 2020

A week after banks began taking applications for the Paycheck Protection Program, small businesses are starting to receive the stimulus money.

“We have three restaurants in our group and between those we applied for $1.2-million dollars,” said Buddy Cramer, managing partner at the Katy Trail Icehouse.

That money would cover the entire payroll of just under 300 employees at all three of his restaurants, for two and a half months.

“We’ve gotten word that the funding is at the bank and they told me we’re signing papers this afternoon, so we’re funded,” he added. “That’s huge and a lot of the people I deal with that are at the bigger banks, they’re not getting funded.”

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