Tuesday, February 20, 2024

Louisiana Banks complete 26,635 PPP loans, totaling $5.1 billion in the first PPP appropriation

by BIZ Magazine

BATON ROUGE—The results of the first $342 billion appropriation for the Payroll Protection Program was released by the Small Business Administration Friday.

“Louisiana bankers have performed an incredible service for small businesses and their employees in the state,” said LBA Chief Executive Officer Robert Taylor. “With the vast majority of Louisiana banks never having been SBA lenders and learning and executing the PPP program simultaneously, the SBA data shows Louisiana bankers equaling, and in some cases exceeding, other states of similar or even larger population than Louisiana.”

Louisiana bankers churned out 26,635 PPP loans for a total of $5.1 billion. That money is directly benefiting the employees of Louisiana small businesses.

“Bankers view the PPP as vitally important and have overcome issues of illness, remote working and skeletal staffing to work through a mountain of challenges presented by the program itself,” said Taylor.

Also of note, the SBA data indicates 74% of all PPP loans are for $150,000 or less. And, 60% of all loans approved are by community banks. The LBA supports Congress appropriating additional funds for PPP as many small businesses are waiting to have their applications processed. Louisiana bankers are ready to get the new money out as soon as released.

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