Virginia banks of all sizes have processed 109,225 Paycheck Protection Program (PPP) applications totaling $12,611,135,107 as of June 30, according to the Small Business Administration (SBA). Virginia banks, through the PPP, have supported more than one million jobs.
In response to calls from Congress for greater transparency, the SBA this week posted data on all PPP loans, except those that were canceled. The data include city, state, number of employees who benefited, lender name and congressional district. Congress is expected to have access to the full data.
The Virginia Bankers Association (VBA) Education Foundation is pleased to announce that Emily Carder is the statewide scholarship winner of the VBA Bank Day Scholarship Program. Emily, who is a senior at Douglas S. Freeman High School in Richmond, participated in the Bank Day Scholarship Program at Essex Bank. As the Capitol region winner, Emily was awarded a $2,500 scholarship and will now receive an additional $5,000 for a total of $7,500 for her college education.
Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza this morning issued updated data on the Paycheck Protection Program (PPP).
As the data released shows, since Round 2 of PPP loan processing began on April 27th, 2.2 million loans have been made to small businesses, which surpasses the number of all loans made in PPP Round 1. The total value of these 2.2 million loans is over$175 billion. Notably, the average loan size in Round 2 is $79,000, showing the program is broadly based and assisting the smallest of small businesses. In fact, over 70% of loans are under $50,000.
According to a joint statement by Treasury Secretary Steven T. Mnuchin and SBA Administrator Jovita Carranza, the Small Business Administration (SBA) will resume accepting Paycheck Protection Program (PPP) loan applications on Monday, April 27 at 10:30AM from approved lenders on behalf of any eligible borrower. This timing will ensure that SBA has properly coded the system to account for changes made by the Paycheck Protection Program and Health Care Enhancement Act, which was signed by President Trump Friday.
Virginia banks of all sizes have been working around-the-clock to provide loans through the Small Business Administration’s Paycheck Protection Program (PPP), processing 40,371 applications totaling more than $8.7 billion as of April 16, according to the SBA.
Virginia banks of all sizes have been working around-the-clock to provide loans through the Small Business Administration’s Paycheck Protection Program (PPP), processing 26,880 applications totaling more than $6.6 billion as of April 13 according to the SBA.
As eligible Americans prepare to receive their economic impact payment from the government, fraudsters are ramping up their efforts to scam people out of their payment. To help consumers protect themselves, Virginia banks are highlighting the five most common scams to watch out for:
COVID-19 is causing many concerns with consumers, but access to your bank shouldn’t be one of them. Here are the top five things you need to know about banking during the current Coronavirus (COVID-19) pandemic.
The Virginia Bankers Association (VBA) is working closely with its 100 member banks across the state in proactively addressing the current Coronavirus (COVID-19) pandemic.
As the COVID-19 situation evolves, Virginia banks are taking aggressive steps to safeguard the health and safety of their customers, staff and communities while ensuring the delivery of important financial services such as money and credit availability.