M&T Bank has received more than 1,000 applications for Paycheck Protection Program (PPP) loans from businesses in Delaware and the Eastern Shore of Maryland a couple of weeks after the latest round of federal relief opened to businesses still in need of help during the pandemic.
M&T is Delaware’s largest full-service bank.
The potentially forgivable loans total more than $108 million and will support over 35,000 jobs throughout Delaware and the Eastern Shore. The average size of loans the bank has approved so far in the region is $105,113.
Figures for the state of Delaware are as follows:
- 708 PPP loan applications
- $83 million in loans
- $117,228 average loan size
- Loans will support 29,673 jobs in the state
Throughout its entire eight-state territory, M&T has received and submitted to the U.S. Small Business Administration nearly 15,000 PPP loan applications requesting $2 billion for businesses employing a total of more than 367,000 workers. About half of the applications have been approved by the SBA, and the bank has already begun to disperse funds to businesses.
The SBA fully opened the PPP portal on Jan. 19. Unlike the last round of PPP funding, M&T opened its portal to prospects in addition to existing business banking customers. All business owners will need to apply is an M&T commercial checking account.
“We’re grateful to play such a valuable role in these challenging times for many businesses,” said Nick Lambrow, M&T’s regional president for Delaware. “M&T recognizes the vital role small businesses play in our local economies. As such, we are committed to mobilizing any necessary resources to keep businesses open and provide the support they need.”
As in prior rounds of PPP funding, M&T saw a large volume of applications in the first week, with loan requests beginning to slow. More than three-fourths of the loans requested through M&T Bank has been for less than $150,000, with the average loan size at $136,983. About two-thirds of applicants through M&T have 10 or fewer employees. Per SBA guidelines, applicants can have no more than 300 employees.
The bank continues to process loan forgiveness applications related to previous rounds of PPP funding.