Arvest Bank Announces $1.05 Billion in SBA Paycheck Protection Program Loans

Arvest Bank Announces $1.05 Billion in SBA Paycheck Protection Program Loans

The Paycheck Protection Program and Health Care Enhancement Act (H.R. 266, as amended) provides $484 billon to restore funding for the Paycheck Protection Program, as well as provide funding for hospital and provider recovery and testing.

"I'm so proud of the work done by our team, working around the clock, to support over 2,100 small businesses and their 50,000 dedicated employees", Rory Ritrievi, Mid Penn Bank president and CEO, said.

Almost 200,000 small retailers have taken part in the Paycheck Protection Program, receiving an average loan of $155,000 each for a total of $29 billion, but funds have run out and the SBA is no longer accepting new applications. The Small Business Administration guarantees the loans if the businesses use at least 75 percent of the funds for payroll costs.

$60 billion for small-business disaster loans and grants.

Many had executives that were paid millions each year.

The move aims to provide additional liquidity for small and community banks to "support the small businesses in their communities", the FHFA said in a statement. The dozens of public companies, some of which appeared to have clear pathways to more traditional financing, who received loans in the first tranche make clear the balance between those two sides wasn't right the first time around. "Knowing that, we quickly made the decision to return the loan".

Hospitals have experienced significant financial and operational challenges as a result of the COVID-19 outbreak, which began to spread across the U.S.in mid-March. Republicans were, however, successful in delaying discussions of money for state and local governments, which Democrats had hoped to include. That would send the measure to President Donald Trump for his signature.

The number of COVID-19 cases in the United States topped 800,000 Tuesday afternoon with more than 43,000 deaths, according to the Center for Systems Science and Engineering at Johns Hopkins University.

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