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PPP loan program and payment relief

Shore United Bank - Easton, Maryland

2020 Community Commitment Awards Submission

  • Entry Category: Affordable Housing
  • Asset Size: Small

The federal government approved the Coronavirus Aid, Relief and Economic Security (CARES) Act on March 27, 2020 to provide billion in loans to small businesses. An additional billion was approved on April 24, 2020. As part of the CARES Act, federally insured banks, like us, were approved by the SBA to make these loans available to our local small businesses. The Paycheck Protection Program (PPP) is administered through the SBA to provide low-interest loans to cover monthly expenses that small businesses face (payroll, interest on mortgages, rent, utilities, etc.). Shore United Bank employees worked around the clock to help customers apply and seek approval for PPP loans to keep their businesses afloat during the global pandemic.