BIRMINGHAM, AL – The Regions Bank of Birmingham announced on Tuesday that it was expanding access to its Paycheck Protection Program loan application portal to allow more small businesses to apply for financing.
By expanding access to its PPP application portal to reach more small businesses, the regions will continue to facilitate PPP loan applications for existing customers while extending service to new customers who are starting a commercial banking relationship with the regions. .
“Small businesses are the backbone of our economy and are essential to the growth and success of our communities,” said Leroy Abrahams, Community Affairs Manager at the Bank of the Regions. “We recognize the stress and uncertainty that COVID-19 has created for small business owners and their employees. With the expansion of our Paycheck Protection Program loan application process, regions are committed to putting vital funds in the hands of those who work in our communities to keep small businesses open and people employed. . “
PPP is a program established and managed by the Small Business Administration to provide crucial financing to businesses suffering from financial impacts amid the uncertainties caused by COVID-19. The SBA is the organization that approves and allocates funds. Banks serve as facilitators, connecting their clients to the SBA option.
Eligible small businesses are eligible to receive PPP funds in the form of forgivable loans. Regions reopened their PPP application portal in January as the second round of PPP funding began nationwide. During the first round of PPP funding in 2020, regions facilitated more than $ 4.8 billion in PPP loans for clients in the 15 states served by regional branches. The overwhelming majority of these loans have gone to businesses with fewer than 100 employees.