Great Western Bank recently issued the following announcement.

"Unprecedented times."

This now frequently used phrase is one that reflects the unique and surreal year 2020 has been with an easily recognizable connotation. The status quo has been unraveled by the events of 2020 in such a way that very few were left unaffected. COVID-19 wreaked havoc on our economy and hit many of our businesses with an immense force. If there has ever been a time for the support of a financial institution, it has been this year. And our dedicated team worked tirelessly to service and support our customers in every way possible and in the safest way possible. Our employees showed an unwavering commitment to our customers and helped bring reassurance back into their lives. As one customer wrote, “During this crisis, there are times of hope rather than despair.”

When quarantines, social distancing and city lockdowns pushed people inside and away from their daily routines, many businesses were brought to a standstill. On March 27, 2020 President Trump signed into law, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) with two key programs, the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL). Another provision of the CARES Act, the Small Business Debt Relief Program, provided immediate relief to small businesses with current non-disaster Small Business Administration (SBA) loans administered under Section 7(a) of the Small Business Act.

The Paycheck Protection Program (PPP) prioritized millions of Americans employed by small businesses and self-employed individuals in authorizing approximately $660 billion toward job retention and certain other expenses. We are extremely proud of how our employees rallied to support this program and our customers: we funded over 4,800 PPP loans for $727 million in outstanding balances. Acknowledging that 2020 hasn’t been an easy year for businesses or consumers, we yet again demonstrated how we are here for our customers when they need us most.

Original source: https://www.greatwesternbank.com/blog/2020/12/a-stronger-commitment-to-our-customers/