Stewart Provides PPP Update in NPR Interview

In an follow-up interview with NPR’s Marketplace radio program today, ABA Chair Laurie Stewart discussed her bank’s experience with round two of the SBA’s Paycheck Protection Program. Stewart—who is president and CEO of Sound Community Bank in Seattle—noted that the bank had 200 applicants in the pipeline when round one funds ran out and that all of them received round two loans, including loans for self-employed individuals as small as $900.

“We’re trying to spread the word that there’s still money, especially perhaps to those underbanked businesses that may not think they qualify,” Stewart told Marketplace host Kai Ryssdal, who previously interviewed her about the PPP in April. As of 5 p.m. EDT today, SBA had approved 4.5 million PPP loans totaling $510.6 billion.

“I think bankers and small businesses together took a leap of faith and said, ‘This is the right thing; we’re going to apply for this money; and we hope we can get through the forgiveness process,'” Stewart added.