HOUSTON, April 3, 2020 /PRNewswire/ -- BBVA
USA today announced it will
be one of the first banks in the U.S. to begin processing customer
applications for the Paycheck Protection Program, a key small
business relief component of the recently passed CARES Act and
administered through the Small Business
Administration (SBA).
The Paycheck Protection Program allows businesses with
fewer than 500 employees to borrow money from government guarantee
lenders to fund up to 2.5 times their monthly payroll and other
employee expenses, including health insurance and retirement
coverage. If all employees are retained throughout the designated
time period, businesses may be eligible to have their loan balances
forgiven.
"We are proud to be among the first banks prepared to process
these applications, because we recognize how important this funding
will be to small business customers," said BBVA USA Executive Director of Business Banking
Elizabeth Dobers. "During this
challenging time, we want to do everything we can to help small
business customers navigate the process and quickly help them
secure the money they need before the nearly $350 billion allocation is gone."
The bank will begin accepting applications beginning
April 3, 2020, and BBVA small
business customers should expect to receive an email today
containing details on the application process. Commercial and
Wealth business customers should work with their relationship
managers directly. Regulators have suggested that borrowers submit
applications with their current financial institution to speed loan
processing and funding.
Impacted small business customers can also reach out to their
bankers to discuss options including payment deferrals and
extensions, as well as potential fee waivers. In addition, small
business owners in all U.S. states, Washington D.C., and territories may be
eligible for low-interest federal disaster loans for working
capital, as well as Economic Injury Disaster Loan advances of up to
$10,000 to provide economic relief to
businesses currently experiencing a temporary loss of revenue.
"BBVA has always been heavily focused on small businesses,
recognizing that entrepreneurs and small business owners are the
backbone of our communities," said SBA Division Manager for BBVA
Greg Clarkson. "Our experience and understanding of the SBA process
gives us a bit of an inside track, navigating through government
processes and funding loans quickly."
BBVA USA has been recognized as
one of the leading small business lenders by the SBA and ranked 8th
nationally in terms of dollar volume of SBA loans originated, based
on financial data for fiscal year 2018.
For additional information regarding BBVA's COVID-19 response
for small businesses, as well as application details for the
Paycheck Protection Program, visit here.
For more BBVA news visit, www.bbva.com and the U.S.
Newsroom.
Additional news updates can be found via Twitter and
Instagram.
For more financial information about BBVA in the U.S., visit
bbva.investorroom.com.
About BBVA
BBVA Group
BBVA (NYSE: BBVA) is a customer-centric global financial services
group founded in 1857. The Group has a strong leadership position
in the Spanish market and is the largest financial institution in
Mexico. It has leading franchises
in South America and the Sunbelt
Region of the United States. It is
also the leading shareholder in Turkey's BBVA Garanti. BBVA's purpose is to
bring the age of opportunities to everyone, based on our customers'
real needs: provide the best solutions, helping them make the best
financial decisions, through an easy and convenient experience. The
institution rests in solid values: Customer comes first, we think
big and we are one team. BBVA's responsible banking model aspires
to achieve a more inclusive and sustainable society.
BBVA USA
In the U.S., BBVA is a Sunbelt-based financial institution that
operates 641 branches, including 329 in Texas, 89
in Alabama, 63 in Arizona, 61 in California, 45
in Florida, 37 in Colorado and 17 in New
Mexico. The bank ranks among the top 25 largest U.S. commercial
banks based on deposit market share and ranks among the largest
banks in Alabama (2nd), Texas (4th)
and Arizona (6th). In the U.S., BBVA has been recognized
as one of the leading small business lenders by the Small Business
Administration (SBA) and ranked 8th nationally in terms of dollar
volume of SBA loans originated in fiscal year 2018.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/bbva-usa-launches-paycheck-protection-program-applications-online-301035268.html
SOURCE BBVA USA