President Trump has signed legislation, passed by the U.S. Congress, that will provide an additional $484 billion in funding for various COVID-19 related programs. Of the total, $310 billion will go to replenish the Paycheck Protection Program (PPP) while $60 billion will replenish the Economic Injury Disaster Loan (EIDL) program. In order to ensure underserved communities are not overlooked, the legislation authorizes appropriations as follows:
At least $30 billion available for banks and credit unions between $10 – $50 billion in assets; and
At least $30 billion available for banks and credit unions less than $10 billion in assets, as well as community financial institutions.
The legislation includes funding to enable smaller types of businesses to access funding that may not have been obtainable previously.
To that end, the SBA North Carolina District Office has provided a listing of North Carolina-based banks, credit unions, and community development financial institutions participating in PPP based on asset-size categories. The listing will be updated as new lenders come on board.
In addition to North Carolina-based PPP lenders, the SBA continues to maintain its general listing of lenders. This listing includes lenders active in SBA lending during the past fiscal year and includes many notable lenders not based in North Carolina.
By: Thomas A. Stith III District Director
NC District Office
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