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President Trump signs the Paycheck Protection Program and Health Care Enhancement Act (H.R. 266), April 24, 2020. The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government during the Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help certain businesses, self ...
The CARES Act created the $349-billion Paycheck Protection Program, which provided low-interest loans to small businesses that were forgivable if they maintained their employees and payroll. The $349 billion was fully allocated within 13 days. During those 13 days, 1.6 million loans were approved by nearly 5,000 banks and other lenders. [3]
The initiative is only for loans of $150,000 or less, which make up 92% of the PPP loans distributed. The new online portal is reportedly designed to streamline the process both for borrowers and ...
Lendio's platform enables small business owners to fill out a free online loan application, then browse multiple loan products from a network of more than 75 lenders. In October 2018, Lendio announced [6] it had serviced $1B in total loans to over 51,000 small businesses across the country. In the first month of the Paycheck Protection Program ...
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Those employees, along with an army of contractors, are responsible for overseeing a loan portfolio that currently includes 48,000 PPP loans with an outstanding balance of $1.3 billion and dealing ...
Mt. Zion, founded in Nashville in 1866, has four campuses, several thousand members and grows by about 1,800 people per year, according to its website. During the pandemic, PPP loans offered small ...
The PPP loans were a part of the CARES Act, which was used to help businesses continue their payroll during periods of shutdown. In 2021, Senator Michelle Hinchey presented the bank with the New York State Empire Award for their community support during the pandemic including PPP.