Fulton Bank funds nearly $2 billion in loans to business and nonprofit customers through the SBA's Paycheck Protection Program
(May 5, 2020) LANCASTER, PA – Fulton Bank, N.A., a subsidiary of Fulton Financial Corporation (NASDAQ: FULT), today announced that, to date, through its participation in the Small Business Association’s (SBA) Paycheck Protection Program (PPP), it is issuing nearly $2 billion in SBA guaranteed loans to more than 9,400 small business, nonprofit, and commercial clients. Fulton began accepting applications to the PPP in early April and reopened its application queue when Congress approved a second round of funding after the first round was depleted.
“Small businesses are in a period of great economic uncertainty amidst the ongoing COVID-19 pandemic,” said Curtis J. Myers, Chairman and CEO of Fulton Bank. “By participating in the PPP, Fulton Bank is helping our business customers navigate the significant challenges they face. Hundreds of employees worked day and night to ensure that all of our customers who qualified for funding could be processed quickly and entered into the SBA system. Because 75% of PPP funds provided to any business participant must be used to fund their payroll costs, Fulton Bank has helped its business customers change 100,000 employees’ lives for the better during this difficult time.”
In March, U.S. lawmakers passed The Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide emergency economic relief for businesses that have been negatively impacted by COVID-19. The PPP, which was established by the CARES Act, authorizes banks to provide funding for qualifying small to medium-sized businesses to be used for employee job retention and certain other expenses.
Contact: Laura Wakeley