Birmingham-based Regions Bank on Tuesday announced the company is expanding access to its Paycheck Protection Program (PPP) loan application portal to allow even more small businesses to apply for the job-sustaining funding.
PPP was established by Congress last spring and is managed by the Small Business Administration (SBA) to provide crucial forgivable loans for companies suffering due to the COVID-19 pandemic.
The SBA is the organization that approves and allocates funding. Regions and other banks serve as facilitators, connecting their clients with the SBA option. Regions has long served as a preferred SBA lender.
During the first round of PPP funding in 2020, Regions facilitated more than $4.8 billion in PPP loans for clients across the 15 states in which the bank has branches. The overwhelming majority of these loans went to companies with fewer than 100 employees.
Like many lenders in the banking industry, Regions — until now — primarily accepted PPP loan applications from existing clients rather than new clients.
Regions reopened its PPP application portal in January as the second round of PPP funding began nationwide following another act of Congress.
The announcement Tuesday revealed that Regions is expanding access to its PPP application portal to reach more small businesses; the bank will continue facilitating PPP loan requests for existing clients while also extending the service to new clients who begin a business banking relationship with Regions.
“Small businesses are the backbone of our economy and are critical to the growth and success of our communities,” stated Leroy Abrahams, head of Community Affairs for Regions Bank. “We recognize the stress and uncertainty COVID-19 has created for small-business owners and their employees. With the expansion of our Paycheck Protection Program loan application process, Regions is committed to getting vital funds into the hands of those working across our communities to keep small businesses open and people employed.”
Beyond PPP funding, the comprehensive COVID-19 response from Regions Bank, along with the nonprofit Regions Foundation, has included more than $5 million in community contributions supporting relief and recovery — much of it in Alabama.
“From our bankers to our technology teams and others, the people of Regions Bank are working every day to support small businesses through the PPP application process,” said Nikki Stephenson, head of Commercial Credit Products for Regions Bank. “In addition to facilitating applications, we are constantly staying in tune with the latest guidance from the U.S. Treasury and SBA to provide updated information to business owners seeking funding. With the expansion of our loan application portal to new business clients, we are making an even greater impact for local businesses while using our resources to serve more people.”
Sean Ross is the editor of Yellowhammer News. You can follow him on Twitter @sean_yhn
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