Loans increase in year of pandemic, linking financial institutions to local businesses | national news
In the midst of the pandemic, community banks, credit unions and other financial institutions have distributed Paycheck Protection Program (PPP) loans to countless small businesses.
Adopted under the CARES Law and later revived because of its success, the Paycheck Protection Program was a huge asset to small businesses across the country and to the workers it was supposed to keep employed. Between April 3, 2020 and May 31, 2021, financial institutions distributed over 11.8 million PPP loans totaling nearly $ 800 billion through the Small Business Administration (SBA).
Congressman Fred Keller introduced legislation to honor these contributions. Commenting on the resolution, Keller said, “The onset of the COVID-19 pandemic has resulted in extensive shutdowns that have forced businesses across the country to shut down or modify their operations. While many businesses have been forced to shut down for good, the diligent efforts of our country’s lenders have saved millions of businesses and countless livelihoods. “
The Woodlands Bank has also supported these efforts, with Vice President John Engel, Jr. valuing this legislation to “recognize collaborative efforts of the SBA, Treasury, and private financial institutions.
Through the SBA’s Paycheck Protection Program, a total of 5,467 financial institutions distributed 11,823,594 loans for a total of $ 799,832,866,520.