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Coronavirus Small Business Assistance: Paycheck Protection Program

The CARES (the Coronavirus Aid, Relief, and Economic Security) Act was passed into law on March 27, 2020. This $2 trillion-dollar act included a significant provision known as the Paycheck Protection Program (PPP), which set aside $350 billion in financial relief to help small businesses during this economic downturn. On April 24, lawmakers approved an additional $310 billion in funding for the Paycheck Protection Program.

 

The SBA has reopened Paycheck Protection Program loan applications through August 8.

 

Cadence Bank is committed to helping small businesses maneuver COVID-19 relief options. As you work to support your own employees and customers during this pandemic, we’re here to offer assistance and help you navigate your financial concerns. Watch our video below to see how we funded over $1 billion in PPP loans nationwide.

 

PPP Loan Forgiveness

 

As established in the CARES Act, the Paycheck Protection Program loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent and utilities.

 

We will be processing loan forgiveness applications via our online portal, launching soon. Contact your Cadence Bank Relationship Manager to learn more.

 

 

 

 

 

 

Stronger Together: How Cadence Bank Supported Businesses During the Pandemic

 

Throughout the coronavirus pandemic, our associates worked extremely hard to ‘Do Right’ by our clients. See how we banded together to help businesses and their employees navigate through this incredibly difficult time:

 

PPP loans totaling more than $1 billion
PPP total loan volume: 3,900+
Nearly 25% of Cadence Bank workforce

 

 

Behind each PPP loan are real human beings that are doing everything they can to maintain operations. Read how we were able to help a few of them:

 

 

“Thank you so much for the time and energy you dedicated to our PPP loan application and for guiding us through the process! We can’t tell you how much your help means to us and how grateful we are to have been awarded these funds. They will make sure we are able to continue to serve our families into the 2020/2021 school year. I’m sure you are extremely busy and want you to know you are deeply appreciated.”  – Ministry Client

“A sincere thank you to you and your team who went above and beyond to help us participate in the PPP program. The transparent communication, support and willingness to help was instrumental in getting us through these unprecedented times. Access to the program not only protected our ~150 employees and their families (many relying exclusively on an ACP paycheck), but also allowed us to serve customers who are mission critical to the community. Your team's hard work made a positive impact on so many and is greatly appreciated.”   – Private Equity Client

“I want to give a HUGE shout out to Cadence Bank… for helping us secure a PPP loan and having amazing customer service. If you’ve applied through a big bank and have not heard back, I would absolutely recommend reaching out to them. They’re focused on the community and really care about helping out small businesses!”  – New Cadence Bank Client

 

 

We’re beyond proud that the funding our associates provided to our customers made it possible for them to pay their employees and keep them on payroll, and collectively supported the long-term health of our communities. The many efforts they made directly impacted the lives of so many in very significant ways. 

 

If you’d like to meet with a Cadence SBA banker, we invite you to get in touch with us today.

 

Contact us

 

 

 

Learn about other ways we’re helping clients amid the COVID-19 pandemic here.

 

 

 

 

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