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Existing Funding exhausted for $350 billion Paycheck Protection Program
SBA stated April 15, 2020, that “lenders will no longer be able to load PPP applications into the Capital Access Financial System (CAFS or E-Tran).” Loan applications received by banks but not yet submitted to SBA will not be able to be completed. Furthermore, the agency said it is “unable to maintain a queue for PPP applications”.
- The reason our bank is unable to provide a Paycheck Protection Program loan at this time is because the SBA program has run out of money and Congress needs to act to appropriate more funding for the program.
- It’s not the bank. Our bank has helped Texas lead the nation in getting PPP small business loans approved—doing more loans in two weeks than SBA typically does in several years.
- In Texas alone, that has been over 88,000 approved loans totaling over $22 Billion.
- Our bank, through our trade association, has contacted the Congressional leadership to tell them to take immediate action.
- Contact your Member of Congress today and ask them to support additional PPP funding immediately. Thank them for their previous support of PPP, but tell them why your business needs help now. Need information on contacting your Member of Congress? Go here
- Let’s talk about your needs. Perhaps there are other recommendations our bank can make to help you through this difficult time.
- Let’s stay in close contact. As soon as Congress provides more funding for PPP, our bank will be here for you to help quickly.
Sanger Bank is closely monitoring the Coronavirus (COVID-19) through CDC (Center for Disease Control) website. We are also following the State and local recommendations for social distancing. All of our services will continue to be available uninterrupted. We ask that you utilize our Internet Banking, Mobile Banking and mobile deposit capture for account access and deposits when possible. Also, we ask that you utilize our Drive-thru window to conduct your business. Our locations will be staffed to handle your needs. From March 19, 2020 through April 30, 2020 we will restrict our lobby traffic by appointment only. For loans and lobby services, please call ahead to the branch for an appointment. We will continue to monitor the situation and will make changes as needed during this time. We are here to support you and our communities. Please contact us with any questions or concerns.
Be aware of phone scams. Automated recordings are dialing random home and cell phone numbers stating that your debit card has been compromised or offering promotional items. Please remember do not disclose any personal information.
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Please contact Sanger Bank at (940)458-4600, if you will be traveling out of Texas or Oklahoma.
Your locally-owned bank should treat you like a neighbor.
We will, from the moment you enter our doors and smell the fresh coffee or hot-buttered popcorn, make every effort to have you feel comfortable and at home. Our friendly atmosphere is contagious and will make you want to come back for all your banking needs.
We are and have always been locally-owned and operated since our opening in 1987. We have remained strong and independent and refused the stimulus package that was offered by the Government and accepted by many of our competitors. We don’t have the “Big Bank mentality” and don’t want it. Our staff and customers are our strength and have brought us to where we are today.