James Arnold of ABC Bank Discusses The Payroll Protection Program
President and CEO of American Bank of Commerce, James Arnold, joined The Chad Hasty Show on Friday to give some insight into the CARES Act and the Payroll Protection Program.
Arnold told KFYO that ABC Bank has seen a huge interest from small businesses in Lubbock regarding loans from the SBA. Due to that interest, ABC Bank is putting current existing customers first. But Arnold did give advice to small business owners across the Lubbock area. Arnold told small business owners to act quickly but not to worry that money won't be available. The White House has said on different occasions they won't run out of money for small businesses.
Small businesses that sign up for the Payroll Protection Program could have their loans forgiven if they follow guidelines. Loan money could be used for payroll, rent, utilities, and more.
Watch the video above to hear from James Arnold of ABC Bank.