On March 27th, 2020, the US government passed The Coronavirus Aid, Relief, and Economic Security (CARES) Act due to the COVID-19 outbreak. This $2 trillion economic relief package provides fast and direct economic assistance to American workers, families, and small businesses.
As part of the CARES Act, the government established the Small Business Paycheck Protection Program providing small businesses with the resources needed to maintain payroll, hire back laid-off employees, and cover applicable overhead. And, the Small Business Administration (SBA) will forgive these loans if all employees are kept on the payroll for eight weeks, and the money is used for payroll, rent, mortgage interest, or utilities.
Vernon Scott, Market President, and Anastasia Blaylock, Director of Treasury Management, were heavily involved in building the Payment Protection Program (PPP) loan approval and administration process in monday.com for Citizens Bank.
"The responsibility of figuring out how to actually get all of this money into the economy was put on the banks. At the time the Act was passed, there was very little information or guidance on how to make these loans. I've been in banking since 2003, and I've been through the 2008 financial crisis, and there hasn't been anything like this. It was a brand new process we needed to figure out," says Vernon.