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Cornelius News

Aquesta grants Payroll Protection loan in single day

April 3. Cornelius-based healthcare company Homewatch CareGivers has been funded under the emergency Payroll Protection Program (PPP) through Aquesta Bank. The company, which employs 150 people in Cornelius, cares for people in their homes.

“These people depend on us to help them bathe, dress and feed themselves. Many are not able to get out of bed without our assistance,” said Homewatch owner Mike Riley.

President Trump launched a $349 billion small business lending effort April 3. Under the program, many small businesses can receive loans the same day they make their applications—unheard of turnaround for a government-backed lending program.

Record time, just in time

The guidelines for the program, a key element of the $2 trillion economic rescue package passed by Congress last week, were finalized Thursday night.

Riley said the bank was able to accept his application, process the loan and have the money in his bank in a single day.

Aquesta’s Jim Engel

The fast action surrounding the PPP means he can keep his “employees safe and secure in their jobs.”

Jim Engel, CEO of Aquesta, said the Cornelius-based bank has 120 PPP loans in process right now.

“These are, in fact, life savers for our communities,” he said. “Virtually every client sees a light at the end of the tunnel.”

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