SALEM, Ore.--(BUSINESS WIRE)--The Oregon Bankers Association and Community Banks of Oregon applaud the U.S. Congress’s passage of the CARES Act, an important federal stimulus bill. Oregon’s banks are very aware of the economic challenges resulting from the coronavirus pandemic and are deploying assistance to their impacted customers and communities in a variety of ways. The stimulus bill contains several important provisions to enhance how banks of all sizes can help Oregonians and Oregon businesses through this crisis.
Among the provisions of the CARES Act are substantial enhancements to the Small Business Administration (SBA) loan programs made directly through banks. These loans – under the umbrella of SBA 7a loans – will be available from banks and other lenders just as soon as the SBA releases the program parameters. This will inject $350 billion into small businesses – including nonprofits and independent contractors – in a more rapid and responsive way than we’ve ever seen. We are particularly optimistic about the impact of a new Payroll Protection Program that will provide small businesses with immediate, low-cost assistance for payroll and operating costs.
While we have to wait for the programs to become operational, we expect that to be soon and are encouraging the SBA and Treasury to act swiftly. In the meantime, Oregon businesses can prepare by assembling their financial information so they are ready to go when they approach a participating bank.
About the Oregon Bankers Association
Established in 1905, the Oregon Bankers Association is Oregon's only full-service trade association representing FDIC-insured state and national banks and trust companies doing business in Oregon. More information is available at www.oregonbankers.com.