Saturday, December 5, 2020

Oklahoma banks continue pouring loans toward small businesses via Paycheck Protection Program

Oklahoma banks have worked around the clock since the second round of the Paycheck Protection Program was opened early last week, helping disburse MILLIONS of dollars and TENS OF THOUSANDS of loans to the state’s small businesses.

According to the Department of the Treasury, Oklahoma banks, as of Tuesday, had already funded 20,919 loans worth more than $877 million in the second round of the PPP, which was reopened on April 27.

In the first round, which opened April 3, and lasted until funds were exhausted on April 16, Oklahoma banks funded 35,557 loans worth $4.61 billion.

“Oklahoma banks continue to be a lifeline to small businesses in our state as this economic crisis and pandemic continues,” Oklahoma Bankers Association President and CEO Roger Beverage said. “We are elated at the help our banks have provided, and continue to provide.”

Oklahoma banks’ portion of the PPP is part of 2.2 million loans made by banks across the country, worth more than $175 billion just since the PPP reopened on April 27. Notably, the average loan size in the country during the second round of the PPP is $79,000, demonstrating the program is assisting the smallest of small businesses.

PPP, which is part of the $2 trillion economic stimulus package passed by the federal government in late March, allocated up to $350 billion in forgivable loans to help small businesses maintain payrolls during the COVID-19 pandemic during its first round, and another $310 billion during its second round. The Program went live on Friday, April 3, for businesses and Friday, April 10, for independent contractors and self-employed individuals.

“Helping small businesses, which in turn help communities and individuals, is the goal of every bank in Oklahoma,” OBA Executive Vice President/Government Relations Adrian Beverage said. “The effort given by banks during both rounds of the PPP prove it, and Oklahoma banks will continue proving it going forward.”