People’s United Bank Delivers Over $2.5B in Relief to Small Business Owners
JUN 1, 2020 - 6:30 am
People’s United Bank has registered and obtained approval for more than 16,000 Paycheck Protection Program (PPP) loans through the U.S. Small Business Administration (SBA), delivering more than $2.5 billion to business customers. These loans supported the paychecks of more than 250,000 employees across the Northeast.
“We knew the Paycheck Protection Program was going to be in high demand, and we brought together employees bank-wide, not just cross-functionally but across multiple lines of business, to establish the required infrastructure to allow us to begin accepting and processing PPP loans as quickly as possible,” said Jack Barnes, CEO, People’s United Bank. “As a result, we were among a small group of banks that were first to submit a significant number of customer applications to the SBA, giving our customers confidence in knowing that they would receive this critical funding. These loans serve as a lifeline for business owners, their employees and families, and we are proud to support them during this challenging time so we can all emerge from this pandemic stronger, and more united than ever.”
Ensuring that PPP loans reached small businesses was an important objective. Eighty percent of loans processed by People’s United for both phases of funding were for small business loans under $150,000. In addition, among the top industries funded include social services & healthcare, retail, professional services and construction.
“In addition to PPP loans, it is our goal to provide individualized assistance to customers, including consumer and business loan forbearance, access to state or municipal loan programs, and fee waivers, among other types of personalized relief,” added Barnes. “It has taken a tremendous amount of work from virtually all areas of the bank, working around the clock to document and fund these loans. We thank our business customers for their patience during this process, and we are committed to being here for them through the recovery and beyond, financially strong and ready to support all of our customers’ needs.”
United Bank and its two charitable Foundations have also collectively allocated an anticipated target of more than $3 million in funding to our communities and non-profit partners in the face of COVID-19.
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