Customers Bank, with fintech partners, has for the past several weeks been working with thousands of small businesses to take advantage of the second round of Paycheck Protection Program (PPP) loan funding. The East Coast-based super community bank, already a national SBA/government guaranteed lending leader, expanded well beyond its geographic footprint originating over 80,000 PPP loans nationwide helping to provide payroll for an estimated 1 million employees across America.
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@CustomersBank originated over 80,000 PPP loans nationwide helping to provide payroll for an estimated 1 million employees across America.
Among the PPP borrowers assisted so far by Customers Bank were more than 50 nonprofit organizations that serve their communities with a variety of education and human services, and other important benefits.
Customers Bank has also made a number of significant donations to the United Way, food banks, and other local organizations fighting the human tragedy of pandemic.
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Customers Bank Executive Chairman Jay Sidhu explained the importance of PPP for fueling the American economic recovery: “We think PPP is very important to keep people on the payroll with healthcare so that as the economic recovery begins firms aren’t ramping up with a need to bring back workers who were laid off, or worse, hire and train new team members. Keeping good teams together through this crisis will be a real benefit for the recovery.”
While processing and funding continue, Customers Bank has already originated over 80,000 loans. The average employment of a large sample of those borrowers was about 13 team members/organization – the basis for the estimate of 1 million employees nationwide aided to date.
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