Local bank weighs in on loans for small businesses during pandemic
A second round of Paycheck Protection Program loan applications for small businesses began on April 27.
Since the program began on April 3, questions have been raised about which companies should be receiving them.
Because of this, prioritization has become a hot topic within the Small Business Administration, particularly aimed at larger financial institutions.
Jersey Benson, VP Commercial Lending and Business Banking Manager at First Western Bank & Trust, doesn't see prioritization happening at the local level at his institution due to small community relationships.
"The lender-borrower relationship really held in the sense of that there was no prioritization. It was simply complete the application with the supporting documentation that you have available and submit it," said Benson.
Benson added there is urgency to submit applications due to the possibility of earmarked funds for small community banks running out in the second round.