Local banks are ready to continue working with small businesses on getting their stimulus loans ahead of the second round of the Paycheck Protection Program, writes Jeff Blumenthal for the Philadelphia Business Journal.
PPP exhausted the first round of $349 billion in just 13 days. Now, Congress is finalizing a second business stimulus package that will provide an additional $320 billion for the program.
Among local banks, MidPenn Bank finalized $470 million in loans for 2,184 businesses with more than 50,000 workers. Over $400 million has already been disbursed to more than 1,600 businesses.
Meridian Bank issued approvals for $195 million in loans for 547 of the 558 applications it received. The bank has another 200 applications in the pipeline for at least another $70 million.
Centric Bank, with a location in Devon, received 1,051 applications for a requested $165.6 million. So far, it has approved $157.4 million worth of loans, with 60 percent of them already disbursed.
Read more about the Paycheck Protection Program in the Philadelphia Business Journal here.