What Is the SBA Paycheck Protection Plan?
Important Update: June 30, 2020
The U.S. Senate reached a short-term agreement to extend the Paycheck Protection Program through August 8.
ROUND 2: Back due to high demand, the government recently approved an additional $310 billion in Paycheck Protection Program (PPP) loan funding.
The SBA resumed accepting PPP applications from participating lenders on Monday, April 27, 2020.
ROUND 1: In response to COVID-19, the Small Business Administration (SBA) in partnership with the U.S. Department of the Treasury has set aside $349 billion in relief funds to implement their Paycheck Protection Plan (PPP). The PPP is part of the CARES Act, which provides $2 trillion to consumers and businesses affected by COVID-19.
Through low-interest loans, this unique SBA loan program can be used for normal operating expenses or working capital for existing businesses. The primary purpose of this Paycheck Protection Program is to help small businesses keep workers employed amid the coronavirus crisis.
Texas Citizens Bank is a Top SBA Lender in Houston
Recognized by the Houston SBA district office as a top SBA lender, Texas Citizens Bank has provided SBA loans across Greater Houston for nearly a decade. We have an established, proven process with a team of dedicated SBA loan specialists who work exclusively with Houston business owners.
Please visit our COVID-19 Update Page to learn more about our response to coronavirus and what we are doing to protect the health and safety of our Team, Customers, and Community.