U.S. Bank reopens Paycheck Protection Program (PPP) application portal following SBA extension
July 13, 2020 | GET MORE : Articles
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PPP applications from customers and non-customers will be accepted until July 29
With funding still available through the Small Business Administration (SBA) Paycheck Protection Program (PPP) and the deadline for loans to receive SBA approval extended until Aug. 8, U.S. Bank is continuing to serve small businesses in need.
Under the program, U.S. Bank once again will assist its current customers – as well as non-customers in the 26 states in which the bank has a retail presence – through the application process. Eligible customers can apply through July 29.
This deadline will help U.S. Bank bankers and applicants work through the documentation collection phase prior to Aug. 8, the last day to receive SBA loan approval and qualify for support through the program under the recent extension. Completion of an application by July 29 is not a guarantee of funding.
To date, U.S. Bank has secured funding approval for more than 100,000 applicants. Other details of the bank’s participation in the program include:
- Approximately $7.4 billion in funding
- The potential to impact more than 900,000 workers across all 50 states and the District of Columbia who are feeling the effects of the economic impact of COVID-19
- Eighty-six percent of loans provided by U.S. Bank were for less than $100,000
- Average loan size of SBA-approved loans processed by U.S. Bank was less than $75,000, significantly lower than the industry average that the SBA has reported for the entire program
- More than 90% of loans went to businesses that reported 20 employees or less, and the average company size was 9 employees
For more details on the program, including recent changes related to forgiveness, applicants are encouraged to visit the SBA PPP site or read the complete joint statement from the SBA and the U.S. Department of the Treasury regarding the PPP Flexibility Act.
To learn more about the program and to access U.S. Bank’s digital application process, please visit usbank.com/PPP.
For more information on how U.S. Bank is helping customers impacted by COVID-19, please visit usbank.com/covid-19.
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