Bridgewater Bank: Optimistic that Paycheck Protection Program will continue to help once funding restored

It took just 13 days for the Paycheck Protection Program — which provides grants and loans from the federal government’s Small Business Administration to small businesses with fewer than 500 employees — to run out of money. And the U.S. Senate adjourned earlier this week without approving additional dollars for the program, meaning that it won’t be until next week at the earliest that the PPP receives additional funds. That’s a setback for small businesses still seeking financial help from the government. It’s also a setback for the Midwest banks that have been processing applications for these loans on behalf of their clients. But there is hope among one bank that has been particularly busy that the PPP will receive new funds soon and that small business owners will begin to see relief again. Bridgewater Bancshares based in Bloomington, Minnesota, has been particularly busy with the PPP. According to information provided by the bank, Bridgewater has successfully processed more than 594 SBA-approved applications for loans under the program. If closed, these loans will total $152.6 million to help businesses in the Twin Cities area that are struggling to survive during the COVID-19 pandemic. Nick Place, chief lending officer for Bridgewater Bancshares, said that he is optimistic that Congress will make additional funding available for the program. He also recommended that businesses in the Minneapolis/St. Paul area continue to submit PPP inquiries on its website in anticipation of the day when more funding is available. Click to read more at