Banks Help Small Businesses Access SBA Financial Lifeline
Banks across the country have helped distribute more than $513 billion (as of May 16) in guaranteed loans through the Small Business Administration’s Paycheck Protection Program. The program, which was created by Congress in response to the COVID pandemic, has extended a financial lifeline to the nation’s small businesses and preserved payroll for tens of millions of Americans.
Bankers mobilized quickly at the start of the program, working around the clock to support their small business clients and sustain the economies of their local communities. As of May 16, more than 4.3 million loans have been made, and the number of PPP loans approved in each state equals half or more—from 54% to 89%—of the total number of small businesses in each state.
*Data is current as of May 16, 2020