MBA Press Release

Contact:
Mindy Lehman, Senior Vice President of Government Relations & Communications
443-837-1613 / mlehman@mdbankers.com

FOR IMMEDIATE RELEASE: April 24, 2020

Maryland Bankers Association Welcomes the Signage of Federal “3.5 Stimulus” Package – SBA to Resume Taking PPP Applications on Monday

Annapolis, Maryland, April 24, 2020– The U.S. House of Representatives passed legislation authorizing more than $320 billion in new funding for the Small Business Administration’s Paycheck Protection Program (PPP). The White House signed the bill into law today. The bill also includes an additional funding for the SBA’s Economic Injury Disaster Loan program and provides important clarity that agricultural businesses may apply for EIDL funds.

Maryland Bankers Association President & CEO Kathleen Murphy stated, “The much anticipated funding will provide critically needed financial assistance to Maryland’s small businesses and our member banks stand ready to assist.”

According to a Joint Statement by SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin on the resumption of the Paycheck Protection Program, “The Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 10:30AM EDT from approved lenders on behalf of any eligible borrower. This will ensure that SBA has properly coded the system to account for changes made by the legislation.”

Ms. Murphy emphasized, “If these funds don’t meet every business’ needs, MBA will continue to advocate that Congress keep the funds flowing until every business is served.”

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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