During the two weeks during which federal dollars were available for the first round of the U.S. Small Business Administration Paycheck Protection Program (PPP), Hancock Whitney (Nasdaq: HWC) provided $1.7 billion in SBA-approved funding for 4,893 loans to help local businesses and the people who work for them stay financially afloat amid the economic impacts of the novel coronavirus.
Of the approximate $1.7 billion in funds, 77 percent were for small businesses requesting $350,000 or less, an additional 13 percent were for loans between $350,000 and $1 million, and another 4 percent were between $1 and $2 million.
“Our team mobilized quickly and has done an exceptional job processing thousands of applications in a very dynamic and changing environment. We were able to help our small business clients keep their teams employed and ready to reopen,” said Hancock Whitney President and CEO John M. Hairston.
Hancock Whitney began accepting applications under the PPP the first day possible, April 3, 2020. Working through evolving SBA guidance, Hancock Whitney bankers worked around the clock to process thousands of applications and access $1.7 billion in funding, which was 85 percent of the total PPP funds requested by Hancock Whitney clients completing applications with the documentation SBA requires.
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