Stimulus: From Package to Paycheck
In less than a week’s time, money from a $2.2 trillion stimulus package has been made ready for businesses through the Small Business Administration’s (SBA) Paycheck Protection Program. The PPP is intended to help businesses meet payroll and liquidity needs. Montana’s Stockman Bank is among the many Montana financial institutions helping their customers access that assistance. According to Stockman Bank CEO Bill Coffee, the weekend has been a whirlwind of activity. From late Thursday evening (04/2) to early Monday morning, Stockman Bank lenders processed over 900 applications resulting in $178 million in loans. Given the multiplier effect of money, that could result in an immediate boost of three-quarters of a billion dollars to the Montana economy. And the lending continues.
Listen to the podcast to hear Coffee discuss the early pace and gauge the effectiveness of the assistance program, and also hear his take on the economic impact of COVID-19 as a board member of the Federal Reserve Bank of Minneapolis.