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MBA Press Release
Contact:
Mindy Lehman, Senior Vice President of Government Relations & Communications
443-837-1613 / mlehman@mdbankers.com
FOR IMMEDIATE RELEASE: March 31, 2020
Maryland Bankers Association Statement on Newly Released U.S. Treasury Guidance on the federal CARES Act Paycheck Protection Program
Maryland Bankers Association urges businesses to contact their banks about the newly enacted Paycheck Protection Program
Annapolis, Maryland, March 31, 2020 – The Maryland Bankers Association applauds the U.S Treasury’s newly issued guidance implementing the Paycheck Protection Program of the federal Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, an important federal stimulus bill that will provide greatly needed help to Marylanders and Maryland businesses. With this guidance, the program is now operational. Maryland’s banks are already working with their business clients on this important program. According to MBA’s President and CEO, Kathleen Murphy, "Maryland businesses are encouraged to contact their bank or SBA lender to express interest in the program and help expedite the application process. We are optimistic about the significant impact this program will have for Maryland businesses."
Paycheck Protection Program Information from the Treasury
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
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If you’re a lender, more information can be found HERE
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If you’re a borrower, more information can be found HERE
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The application for borrowers can be found HERE
Founded in 1896, the Maryland Bankers Association (MBA) is the only Maryland-based trade group representing banks in the state. MBA's member banks employ about 28,266 banking professionals in nearly 1,490 branch offices across the state.
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