January 11, 2021
Sunrise Banks will begin accepting Paycheck Protection Program (PPP) loan applications on Monday, Jan. 11, as part of the Small Business Administration’s newest round of the program, which aims to help small businesses affected by the COVID-19 pandemic.
Sunrise is a Community Development Financial Institution (CDFI) and therefore able to start accepting PPP applications before larger financial institutions begin PPP lending.
The Small Business Administration is prioritizing CDFI banks in hopes that this will help smaller businesses receive funding. In March of 2020 Congress approved an initial $349 billion for the PPP. An additional $310 billion was passed for a second round of funding and now lenders are beginning the third round of the program which was passed as part of a $900 billion stimulus bill in late December.
“We’ve again been called to help our small businesses survive this pandemic and we feel an obligation to do so,” said Sunrise Banks CEO David Reiling. “This is our part in saving Main Street.”
In the first two rounds of the program, Sunrise Banks processed 1,800 PPP loans for $219.56 million. More than 80% of these loans were for $150,000 or less. Sunrise also made 184 PPP loans, for a total of $44,257,800, to nonprofits.
About Sunrise Banks: Sunrise Banks, N.A., based in St. Paul, Minnesota, strives to be the most innovative bank empowering financial wellness. Sunrise is certified by the U.S. Treasury as a Community Development Financial Institution (CDFI), a designation earned by approximately 100 banks nationwide. Sunrise Banks is also a member of the Global Alliance for Banking on Values, a public benefit corporation and a certified B Corp for its demonstrated commitment to transparent corporate governance and positive community impact. Learn more at SunriseBanks.com, on Twitter @SunriseBanks, or on Facebook. Member FDIC.