Paycheck Protection Program (PPP) Update

UPDATE – 8/8/20: Since early April, Park State Bank and Trust has reviewed over 350 PPP applications, extending 215 loans to qualified businesses totaling over $5 million in needed assistance. This program allowed PSB&T to protect 1051 local jobs.

The SBA closed the PPP program as of August 8, but the second wave of PPP’s is expected to be approved shortly, targeted at those businesses who can demonstrate severe financial hardship as a result of the government-mandated COVID closures.

The PPP forgiveness process has now begun, and we will be reaching out directly to each of our funded businesses with details. If you have any questions, please email kathryn.perry@psbtrust.com