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This past Friday, the federal government rolled out its Paycheck Protection Program (PPP), as part of the recently passed CARES Act. The purpose of the program is to loan up to $350 billion to small business owners, so they can keep their workers on payroll amid the economic uncertainty caused by the coronavirus pandemic.  

As expected with a roll-out of this magnitude, there have been some procedural challenges implementing the program. The guidance from the Department of Treasury and Small Business Administration (SBA) has been limited and has changed multiple times. This has been frustrating for many banks, including FineMark, because of our desire to take care of our clients. 

We have engaged a third-party vendor to streamline an online application process. Our lending team is working around the clock and we expect to begin accepting applications, digitally, later today. In addition, this morning we received our final SBA certification as a lender for this program.

Our main goal is to help you obtain the financial assistance you need to keep your business operational. As a client, you know, we typically work fast and efficiently, so this process has been difficult; however, we are confident we will be ready to effectively process your application shortly.

We ask for your patience and understanding during this trying time. We continue to be focused on going above and beyond and we remain committed to providing you the highest level of service.

Thank you for trusting us to be your financial partner. We are working diligently to proactively contact our clients, or please contact us with any questions or concerns.

Joseph R. Catti
President & CEO
FineMark National Bank & Trust

Copyright © 2020 FineMark National Bank & Trust, All rights reserved.

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