Jonah Bank of Wyoming announced that it processed 460 loans totaling $ 51,914,250 under the Small Business Administration’s Paycheck Protection Program (PPP) to help small businesses in Casper and Cheyenne support payroll and related costs.
The average loan amount was $ 112,857 as of May 29. The PPP, which was originally launched on April 3 to address the economic challenges caused by the COVID-19 pandemic, offers government-guaranteed forgivable loans to small businesses across the country, which account for about 48% of the American workforce.
“As relationship bankers and dedicated members of this community, we do all we can to protect the strength of our small businesses, which serve as the economic engines of our local economy,” said Mark Zaback, CEO of Jonah Bank of Wyoming. “I am very proud of our staff, who have worked tirelessly to process these loans and ensure that essential funds reach those who need them most. We will continue to process requests until all remaining P3 funds are tallied as we build a better Wyoming. “
“Community banks have stepped in to give a helping hand to small local businesses, which they do both in good times and in bad times,” said Rebeca Romero Rainey, President and CEO of Independent Community Bankers of America. “Providing more than half of the loans to small businesses nationwide, community banks prioritize the needs of their local customers and communities and adapt and respond quickly in times of crisis. By providing the lion’s share of PPP loans, community banks have played a vital role in helping small businesses survive amid COVID-19, while saving countless jobs across our country. “
According to the SBA summary of loan approvals through May 16, lenders with less than $ 50 billion in assets accounted for nearly 65% of approved loans, or a total of 4.3 million, and over 62% of the total. $ approved amount, estimated at $ 513 billion since inception. of the PPP. Nationally, community banks have received an average of nearly 200 loan applications under the program, ranging in size from under $ 50,000 to over $ 500,000, according to a recent ICBA survey. .