Amid the pandemic, community banks, credit unions, and other financial institutions distributed Paycheck Protection Program (PPP) loans to countless small businesses.
Enacted as part of the CARES Act and later replenished due to its success, the Paycheck Protection Program was a tremendous asset to small businesses across the country and to the workers it was intended to keep employed. Between April 3, 2020, and May 31, 2021, financial institutions distributed more than 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 brought with it broad shutdowns which forced businesses across the nation to close or alter their operations. While many businesses were forced to close permanently, the diligent efforts of our nation’s lenders helped save millions of businesses and countless livelihoods.”
Woodlands Bank was also supportive of these efforts, with VP, John Engel, Jr. valuing this legislation for “recognizing the collaborative efforts of the SBA, Treasury and private financial institutions.”
Through the Paycheck Protection Program of the SBA, a total of 5,467 financial institutions distributed 11,823,594 loans summing $799,832,866,520.
