PPP Loan Data Highlights Critical Role Credit Plays in Economy
Today, the U.S. Small Business Administration (SBA) released loan data for its Paycheck Protection Program (PPP), in which some American Financial Services Association members participated. You can review the overall data here and here.
AFSA appreciates the efforts of the Small Business Administration, Treasury Department and Federal Reserve for their efforts during this challenging period for our economy. Throughout the almost five months of the COVID-19 pandemic AFSA member companies remained open on Main Streets across America – both virtually, and in many cases brick-and-mortar branches – to meet the financial needs of their customers. They processed half a trillion dollars in business loans to ensure other businesses could remain open, preserving jobs and helping the overall economy. They assisted millions of consumers, extending and modifying home mortgages, auto loans and consumer loans. In doing so, our industry not only preserved tens of thousands of jobs, but also helped give millions of households peace of mind and the financial resources and flexibility they needed.
AFSA appreciates the efforts of the Small Business Administration, Treasury Department and Federal Reserve for their efforts during this challenging period for our economy.
July 6th, 2020
