By Tom Salisbury, Region 7 SBA Administrator, U.S. Small Business Administration
Our will, along with the millions of small businesses we serve is being tested by the devastating impact of coronavirus (COVID-19.) I want to assure you we are working every day to make sure help is on the way.
Last week, nearly 500,000 loans valued at more than $130 billion dollars from over 4,000 lenders have been approved for small businesses nationwide. By joining forces with the private lending community, the SBA’s Paycheck Protection Program is providing small businesses with much needed capital, which gives them the stability they need to retain their employees and continue serving our communities.
The PPP program is one of the largest economic recovery efforts in our nation’s history. The SBA built the loan platforms needed for it in just seven short days. We wanted to get needed funds to start flowing to our small businesses as soon as possible. While imperfect and still being improved, putting together the new platforms called for by Congress is a true testament to the American spirit and a demonstration of what is possible when we come together to serve a higher cause.
The entire SBA team is working tirelessly to do everything we can to help small businesses recover from the COVID 19 pandemic. Our dedicated team across Region 7 of the SBA are answering hundreds of calls each day, and our total calls number in the thousands. Both small business owners and our lending partners still need our help and are asking for guidance. All of us understand that this is a challenging time for them, and we have great compassion for their situations.
The SBA has worked with small businesses for a very long time. Be assured we will continue to fight for America’s small businesses until this battle is won and beyond. Please be encouraged. We have come a very long way in a very short amount of time.
I’m grateful for our lending partners and resource partners for their valuable help, and even more grateful for our small business’s efforts to stay viable.
While it may not be totally apparent yet, we know many small businesses are being saved and strengthened through our collective efforts. Please hang in there. Please patronize your small businesses in whatever way you can. Together, we can get through this.
For additional resources, small business owners are encouraged to visit www.sba.gov/coronavirus, and please remember to follow us @SBAGreatPlains.