CASPER/CHEYENNE, Wyo. (RELEASE) - Jonah Bank of Wyoming announced that it has processed 460 loans totaling $51,914,250 under the Small Business Administration’s Paycheck Protection Program (PPP) to help small businesses in Casper and Cheyenne support payroll and related costs.
The average loan size was $112,857 as of May 29. The PPP, which was originally launched on April 3 to address economic challenges caused by the COVID-19 pandemic, provides forgivable, government-guaranteed loans for the nation’s small businesses, which account for roughly 48% of the U.S. workforce.
“As relationship bankers and dedicated members of this community, we are doing everything we can to protect the vibrancy of our small businesses, which serve as the economic engines for our local economy,” said Mark Zaback, CEO of Jonah Bank of Wyoming. “I’m so proud of our staff, who have worked around the clock to process these loans and ensure critical funds were able to get in the hands of those who needed it most. We will continue processing applications until all remaining PPP funds are accounted for as we Build a Better Wyoming.”
“Community banks stepped in to provide a helping hand to local small businesses—something that they do during both good times and challenging ones,” Independent Community Bankers of America President and CEO Rebeca Romero Rainey said. “Providing more than half of the nation’s small business loans, community banks prioritize the needs of their local customers and communities and quickly adapt and respond during times of crisis. By providing the lion's share of PPP loans, community banks have served an essential role in helping small businesses survive amid COVID-19, while saving countless jobs across our nation.”
According to the SBA Summary of loan approvals through May 16, lenders with less than $50 billion in assets accounted for nearly 65% of approved loans—totaling 4.3 million—and more than 62% of the approved dollar amount—estimated at $513 billion since launch of the PPP. Nationwide, community banks have received an average of nearly 200 loan applications through the program ranging in size from less than $50,000 to more than $500,000, according to a recent ICBA survey.