For the past three months, we’ve been hard at work on the Paycheck Protection Program (PPP).
Navigating the minutiae of a $600-billion stimulus bill has caused numerous long nights and tested the limits of our small-but-mighty community bank. Microsites were created in days; employees pivoted to help where necessary; and our lenders went above and beyond to provide excellent customer service and advice.
But you know what? We’re still here. And thanks to PPP, so are numerous small businesses that took a hit due to COVID-19.
“This is an opportunity that represents a ‘bigger than us’ moment. We’re being called to serve our country and get these funds out the door so we can keep people employed and keep our economy running,” said Sunrise Banks CEO David Reiling of the PPP.
As of June 23, Sunrise processed 1,766 PPP loans for $216.37 million. Our average loan size was roughly $122,000, and nearly half of our loans – 48% — were for $25,000 or less. We also made 184 PPP loans, for a total of $44,257,800, to nonprofits.
Sunrise stopped processing round-two applications on June 25. And while the SBA initially set the program’s deadline for June 30, Congress has passed legislation that extends PPP to Aug. 8. We are still accepting PPP applications from Sunrise Banks customers.
While we can’t say what the future of PPP will look like, we do know this: We’re rooting for small businesses right now and will continue to do all we can to help them stay open during this challenging time.
View Sunrise Banks’ PPP roundup here.