Local banks helped over 350 Hopkins County businesses apply for and receive Payroll Protection Program funds designated by the federal government to assist businesses during the coronavirus shutdown.
The federal government released the list of loans distributed through the PPP program yesterday. The program was originally scheduled to stop accepting applications on June 30th but now has been extended through August 8th.
Alliance Bank, City National Bank, Red River FCU, Guaranty Bank & Trust, Texas Heritage National Bank, and Pilgrim Bank were among the local banks to process the loans for local businesses.
The Paycheck Protection Program is a forgiveable loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.