SC Banks Close $5.7 Billion in PPP Loans, Protect more than 650,000 Jobs
Tuesday, August 11th, 2020
South Carolina banks participating in the Paycheck Protection Program closed $5.7 billion in loans in a little more than 90 days, assisting in the protection of better than one in four Palmetto State jobs.
“Our bankers helped 63,000 small-business customers survive, which allowed them to continue to pay their employees,” said Fred Green, president and CEO of the South Carolina Bankers Association. “Even more impressive is that these loans helped maintain and protect over 650,000 South Carolina jobs, which represents over 25 percent of the entire workforce of our state.”
Some 65 institutions serving South Carolina participated in the Paycheck Protection Program, acting as a conduit for program loans to the small-business community.
The Paycheck Protection Program is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which set aside nearly $660 billion for the program, designed to expand the access and availability of loans to small businesses. The program began in early April and ran through Aug. 7.
PPP loans were not made by the Small Business Administration, but by lending institutions and then guaranteed by the SBA. Lenders reviewed applications and, if all the paperwork was in order, approved the loan and submitted it to the SBA.
Many South Carolina banks which handled PPP loans were swamped with work, with bankers at some institutions working for three weeks or longer without a break.
“Our bankers played an essential role in keeping South Carolina operating,” Green said. “They put in many long days and nights helping business owners navigate the loan process and ensuring that documentation was filed correctly.
“And many of our bankers worked not just with their own customers but also with non-customers to help them secure PPP loans,” Green added. “They understand the importance of keeping South Carolina businesses and residents working.”
The SCBA dedicated the most recent issue of its quarterly magazine, the Palmetto Banker, to South Carolina bankers who dropped everything to help customers with the Paycheck Protection Program.