Roundtable meeting held at the U.S. Treasury Department in Washington D.C.
Professional Bank Chairman & CEO Dan Sheehan was one of a handful of community bank leaders invited to Washington D.C. to give feedback on COVID-19 business relief loan programs.
U.S. Senator Ted Cruz and U.S. Treasury Secretary Steven Mnuchin hosted the handpicked group at the U.S. Treasury Department for a roundtable discussion on July 1. The executives discussed the recently enacted Main Street Lending Program (MSLP), which allows the Federal Government to purchase up to $600 billion of participations in eligible loans made by registered lenders to small and medium-sized businesses.
Sheehan and his peers from around the country also gave feedback on the SBA’s popular Paycheck Protection Program (PPP) that was recently extended until Aug. 8. It provides forgivable loans to businesses to cover payroll and certain other permitted expenses.
Professional Bank Chairman & CEO Dan Sheehan, second from right, along with other community bankers from the around the country and U.S. Senator Ted Cruz, center.
“It’s clear that Secretary Mnuchin is listening to the community banks to gauge, among other things, the lessons learned with the execution of the PPP, the small business economy and how to make the Main Street Lending program work for the participant banks and support those companies and industries that fell outside of PPP eligibility,” said Sheehan.
Professional Bank is continuing to process PPP loans, and anyone interested in applying should visit MyProBank.com.
About Professional Holding Corp. and Professional Bank:
Professional Holding Corp. (PFHD: NASDAQ), is the financial holding company for Professional Bank, a Florida state-chartered bank established in 2008. Professional Bank focuses on providing creative, relationship-driven commercial banking products and services designed to meet the needs of small to medium-sized businesses, the owners and operators of these businesses, other professional entrepreneurs and high net worth individuals. Professional Bank currently operates through a network of nine locations in the regional areas of Miami, Broward, and Palm Beach counties. It also has a Digital Innovation Center located in Cleveland, Ohio. For more information, visit www.myprobank.com. Member FDIC. Equal Housing Lender.
