Small business gets more than $2.5 billion in relief from People’s United under PPP

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Small business gets more than $2.5 billion in relief from People’s United under PPP

Thu, 05/28/2020 - 12:21pm -- tim

Vermont Business Magazine People's United Bank NA, a subsidiary of People's United Financial, Inc (NASDAQ: PBCT), with branches across Vermont, today announced that is has registered and obtained approval for more than 16,000 Paycheck Protection Program (PPP) loans through the US Small Business Administration (SBA), delivering more than $2.5 billion to business customers. These loans supported the paychecks of more than 250,000 employees across the Northeast.

“We knew the Paycheck Protection Program was going to be in high demand, and we brought together employees bank-wide, not just cross-functionally but across multiple lines of business, to establish the required infrastructure to allow us to begin accepting and processing PPP loans as quickly as possible,” said Jack Barnes, CEO, People’s United Bank. “As a result, we were among a small group of banks that were first to submit a significant number of customer applications to the SBA, giving our customers confidence in knowing that they would receive this critical funding. These loans serve as a lifeline for business owners, their employees and families, and we are proud to support them during this challenging time so we can all emerge from this pandemic stronger, and more united than ever.”

Ensuring that PPP loans reached small businesses was an important objective. Eighty percent of loans processed by People’s United for both phases of funding were for small business loans under $150,000. In addition, among the top industries funded include social services & healthcare, retail, professional services and construction.

“In addition to PPP loans, it is our goal to provide individualized assistance to customers, including consumer and business loan forbearance, access to state or municipal loan programs, and fee waivers, among other types of personalized relief,” added Barnes. “It has taken a tremendous amount of work from virtually all areas of the bank, working around the clock to document and fund these loans. We thank our business customers for their patience during this process, and we are committed to being here for them through the recovery and beyond, financially strong and ready to support all of our customers’ needs.”

Consistent with the Bank’s legacy of supporting their communities, People’s United Bank and its two charitable Foundations have also collectively allocated an anticipated target of more than $3 million in funding to our communities and non-profit partners in the face of COVID-19.

About People’s United Bank

People's United Bank, N.A. is a subsidiary of People's United Financial, Inc., a diversified, community-focused financial services company headquartered in the Northeast with more than $60 billion in assets. Founded in 1842, People’s United Bank offers commercial and retail banking through a network of over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine, as well as wealth management and insurance solutions. The company also provides specialized commercial services to customers nationwide.

Source: BRIDGEPORT, Conn. May 28, 2020 -- People's United Bank