Tennessee Bankers Association Press Release (April 02, 2020)
Tyler Nelson tnelson@TNBankers.org
Tennessee Bankers Advise Patience as the Paycheck Protection Program Launches
Banks also offer customers additional help
Nashville—As the novel coronavirus (COVID-19) disease continues to impact communities across the country, Tennessee banks are working around the clock to assist borrowers, including through the new Coronavirus Aid, Relief, and Economic Security (CARES) Act.
This evening, the U.S. Treasury Department and Small Business Administration issued further guidance for the CARES Act’s Paycheck Protection Program (PPP), which will provide up to $350 billion in fully forgivable loans to help small businesses maintain payrolls during the coronavirus pandemic.
Despite the revised guidance for the program that is set to launch Friday, April 3, many banks still await final approval to make these loans. There will be banks that are ready to make these loans right away once they can get the final implementation rules from SBA and Treasury. Tennessee bankers ask for patience from the public as the program begins.
“Keep in mind that PPP loans aren’t the only way Tennessee’s banks are helping their customers,” explained Colin Barrett, president and CEO, Tennessee Bankers Association (TBA). “We urge Tennesseans to have patience as your banks continue to work to understand all of the options available to best fit your needs. Banks worked one-on-one with their customers to find solutions before PPP became available, and they will continue to do so after the program is complete.”
Tennessee banks entered this pandemic from a position of strength, thanks to record capital and liquidity levels as well as prudent planning and risk management.
Our banks look forward to helping small businesses across Tennessee get back to work and seeing our economy resume its strength and our lives return to normalcy.
About Tennessee Bankers Association
The Tennessee Bankers Association is a not-for-profit organization representing Tennessee’s commercial banks and thrifts. The Association provides continuing education, develops and monitors state and federal legislative agendas, disseminates information on all facets of the financial services industry, and promotes the public image of financial institutions. Visit us at our website, www.TNBankers.org.
We began to serve the citizens of Grainger County as a state-chartered bank on December 19, 1919. At that time, we had 29 depositors with $12,291.23 in deposits. Since then, we have grown to 5 locations within the County, and have over 13,000 customers with deposits totaling over $170 million.
In 2019, we are celebrating our 100th anniversary. Growth and longevity like ours are rare in today’s times. We know that the secret to our success is based on our efforts to provide you with fast, friendly and personal service – all with a “hometown” touch. “Hometown” is more than a tagline for us; it is integral to how we function as a bank. Our board of directors, management teams and dedicated staff live and work in the same communities as most of our customers. We strive to get to know you and your needs, and serve you in a compassionate, neighborly way.
We know that you have multiple options for your financial needs, and we truly thank you for the opportunity to be “Your Hometown Bank.”
Lost or Stolen Debit Card?
Visit your local branch during business hours
or call 1-800-500-1044 anytime
Member FDIC | Equal Housing Lender
© Copyright 2019 Citizens Bank & Trust Co. of Grainger County
Your privacy is very important to us. We would like to advise you that Internet email is not secure. Please do not submit any information that you consider confidential. We recommend you do not include your social security or account number or other specific identifying information.
You are leaving Citizens Bank & Trust Co. of Grainger County's website and linking to a third party site. Please be advised that you will then link to a website hosted by another party, where you will no longer be subject to, or under the protection of, the privacy and security policies of Citizens Bank & Trust Co. of Grainger County. We recommend that you review and evaluate the privacy and security policies of the site that you are entering. Citizens Bank & Trust Co. of Grainger County assumes no liability for the content, information, security, policies or transactions provided by these other sites.