From The Tribune staff reports
MONTGOMERY Senator Shay Shelnutt of Trussville is once again sponsoring legislation aimed at reducing instances of elder financial abuse, a problem that costs older Americans billions of dollars every year.
Senate Bill 181, the Elderly and Vulnerable Adult Financial Protection Act, allows banks and credit unions to refuse or delay a transaction whenever financial abuse of a customer is suspected and the customer is at least 65 years of age or unable to manage his or her own affairs because of physical or mental impairment.
The bill unanimously passed the Alabama Senate last week and now moves to the Alabama House of Representatives.
Ala. banks prepare to process PPP applications, loans
Alabama bankers react to new PPP loans By Jennifer Horton | January 12, 2021 at 6:58 PM CST - Updated January 12 at 6:58 PM
MONTGOMERY, Ala. (WSFA) - Small businesses hit hardest by the pandemic could soon receive a forgivable loan under the federal Paycheck Protection Program. The latest congressional COVID-19 relief package allocated money for a second round of PPP loans to help businesses make payroll.
Alabama Bankers Association President and CEO Scott Latham says banks are ramping up to process loan applications and disperse funds.
“This is a lifeline out there that can help and so we encourage them not to be afraid to seek it out,” Latham explained.