MBA Press Release
Mindy Lehman, Senior Vice President of Government Relations & Communications
443-837-1613 / [email protected]
FOR IMMEDIATE RELEASE: April 17, 2020
Maryland Bankers Association Releases Data on Maryland Jobs at Stake Awaiting New Paycheck Protection Program Congressional Funding
Annapolis, Maryland, April 17, 2020 – Yesterday, the Maryland Bankers Association joined business organizations across Maryland to urge Maryland’s Congressional leaders to advocate for swift passage of the fourth COVID-19 stimulus package to ensure that additional funding for the Small Business Administration (PPP) Paycheck Protection Program is approved. At 11:07 a.m. yesterday, SBA and Treasury shut down bank access to the PPP application portal when the initial $350 billion funding threshold was met.
According to MBA President and CEO Kathleen Murphy, "Without further Congressional funding, thousands of Maryland businesses and their employees are at risk of not being able to benefit from the much needed payroll relief. The banking industry stands by small businesses across Maryland; banks are anxiously waiting to upload thousands of pending applications once new funding is signed into law."
To determine the loans in the pipeline and not yet approved, MBA surveyed members on applications pending or in process, total dollar amount of the pending loans and total number of jobs protected. Regional and national banks have footprint-wide application pipeline data that is reported in the aggregate nationally and not captured in MBA’s survey. MBA has collected the following data from 21 Maryland community banks:
These numbers do not reflect interest from other businesses wishing to apply for PPP loans.
MBA again calls on Maryland’s U. S. Senators and representatives to move for swift passage of additional funding for the Paycheck Protection Program to help Maryland small businesses.
Also today, the Small Business Administration released a PPP report on loan approvals. https://www.sba.gov/sites/default/files/2020-04/PPP%20Deck%20copy.pdf
Through April 16, 2020, 1,661,367 loans were approved nationally totaling $342,277,999,103. According to this report, in Maryland 26,068 loans have been approved totaling $6,537,733,687. Banks must fund the loans within 10 days of approval, so the funding has been flowing to these Maryland small businesses. Maryland is 26th in the number of applications approved relative to the other states and 21st in relation to the total dollar amount of approvals.
Founded in 1896, the Maryland Bankers Association (MBA) is the only Maryland-based trade group representing banks in the state. MBA's member banks employ about 28,266 banking professionals in nearly 1,490 branch offices across the state.
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