Illinois banks have been working tirelessly to provide loans through the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), and according to a report from the SBA, 44,453 applications totaling $12,503,648,850 had been approved in Illinois as of April 13. The Illinois Bankers Association (IBA) indicated that ranks Illinois among the states with the highest number of loans approved.
“This is certainly an unprecedented time for bankers and borrowers alike,” said Linda Koch, IBA president and CEO. “Illinois bankers are working as quickly as they can to help small businesses in their local communities through these challenging times. In many cases, they have worked well into the night and through the weekends, doing whatever is needed to process and disburse PPP funds and help struggling small businesses stay afloat and continue to pay their employees. The process hasn’t been without its challenges, though. The financial industry continues to seek clarification and guidance from Treasury and the SBA on issues that have arisen as banks work with businesses to execute the program.”
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