April 15, 2020
Burke and Herbert Bank in Alexandria has received about 1,000 applications for money from the Paycheck Protection Program, about 300 of which have been approved. Bank officials hope to start closing on the loans this week.
Stories this photo appears in:
Banks to the Rescue
Small businesses wait for banks to get federal money from the Paycheck Protection Program.
Like many business owners across Northern Virginia, Cyrille Brenac is still waiting to hear back from his bank about his application to the Paycheck Protection Program. That’s the $350 billion program that was part of the $2.2 trillion stimulus law designed to offer money to small businesses who can demonstrate they are keeping their employees. For Brenac, who lives in the Cherrydale neighborhood of Arlington, the money would help him rehire about 50 employees of his two French restaurants he laid off when the economy abruptly shut down as the result of the global COVID-19 pandemic.
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