Currently, we are unable to accept additional applications. To date, Citizens Bank has approved and funded SBA Paycheck Protection Program (PPP) loans for 629 small business customers totaling $59 million. At this time we are processing over 1,400 applications for the second phase of the PPP program representing over $130 million of loan requests. If funds remain or if Congress approves additional funds after the current round of PPP applications are processed, we will re-open applications at a future time.
PPP loans were created by the CARES Act (Coronavirus Aid, Relief, and Economic Stability Act) passed by Congress to help qualifying small businesses and nonprofits keep workers employed amid the COVID-19 pandemic and economic downturn. These loans may be forgiven if borrowers meet the requirements for maintaining and restoring their payrolls.