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Virginia banks have provided more than $6.6 billion in payroll, rent and utilities relief for thousands of state businesses, according to the Virginia Bankers Association, which is based in Innsbrook. Banks of all sizes have processed a total of 26,880 applications in Virginia, according to the SBA.
“Bankers are working as hard and as fast as they can, into the night and through the weekend, to process and disburse PPP funds to struggling small businesses that are continuing to pay their employees,” explained Virginia Bankers Association President & CEO Bruce Whitehurst. “This is an unprecedented time for bankers and borrowers.”
The PPP, which is part of the $2 trillion economic stimulus package signed into law last month, allocated up to $349 billion in fully forgivable loans to help small businesses maintain payrolls during the coronavirus pandemic. Applications went live April 3 for businesses and April 10 for self-employed workers and independent contractors.
The industry continues to seek SBA and Treasury clarification on issues that have arisen as banks work to execute this unparalleled federal lending program. As of April 13, 1.03 million loans totaling $247.5 billion (from 4,664 lenders nationwide) had been made. The banking industry is actively urging Congress to allocate additional funding to the PPP so that banks can continue to serve as many small businesses as possible.
“As the chairman of the VBA, I’ve had the privilege to be on the frontline to see what all banks, large and small, throughout the Commonwealth are doing during these challenging times,” said Jeff Haley, president and CEO of American National Bank & Trust Co. in Danville and chairman of the VBA. “Not only are bankers running banks like they normally do, but there are countless examples of how they are helping the communities in which they live and work. As bankers, we are only as good as our communities, and we are fully committed to helping in any way we can. The PPP is one way we are able to assist these communities at their time of need.”
The Virginia Bankers Association represents banks of all sizes and charters and has served as the unified voice for Virginia’s $615 billion banking industry and its 42,000 employees since 1893.
