Loans have the potential to support more than 800,000 employees across the country
In support of the Small Business Administration (SBA) Paycheck Protection Program (PPP), U.S. Bank has secured funding approval for over 75,000 applicants, totaling approximately $7 billion and with the potential to impact more than 800,000 employees across the country who are feeling the effects of the economic impact of COVID-19.
Additional facts on the support U.S. Bank was able to provide to small businesses through the PPP include:
Eighty-three percent of loans approved via U.S. Bank were for less than $100,000
More than 90% of approved loans went to businesses with 20 employees or less, and the average company size was 11 people
The top five industries supported, as reported by applicants, were full-service restaurants, dental offices, real estate agents and brokers, insurance agencies and brokerages, and legal offices
Recipients represent businesses and workers across 49 states and the District of Columbia
These numbers represent both rounds of funding through May 3, 2020 authorized by Congress and approved by the administration as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
'I am incredibly proud of the work our bankers put in over the past few weeks to support this critical program,' said Andy Cecere, chairman, president and chief executive officer of U.S. Bank. 'The volume of applications was like nothing our industry has seen before, and we had thousands of people working around the clock for weeks on end to do what we do best - help customers in their time of need. I am also proud of the way our industry came together to help as many customers and communities as we could in support of our country in this difficult situation.'
In the weeks ahead, as additional information is released by the SBA, U.S. Bank will share that information with PPP recipients, including information on the administration's forgiveness requirements. The company will provide updates at www.usbank.com/PPP as it becomes available. For more information on how U.S. Bank is helping customers impacted by COVID-19 visit www.usbank.com/covid-19.
U.S. Bancorp published this content on 05 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 May 2020 15:53:03 UTC