The cash is supposed to assist companies within the Baltimore space hold workers on their payrolls through the COVID-19 outbreak.
M&T Financial institution stated it has funded PPP mortgage functions for 27,711 companies in its mid-Atlantic and Northeast footprint, totaling greater than $6.four billion.
The financial institution, the second-largest in Better Baltimore, stated it has processed greater than 96 p.c of the eligible functions it acquired all through the footprint.
M&T Financial institution acquired about 30,000 functions, although not all had been eligible. By comparability, M&T processed about 1,500 Small Enterprise Administration loans final 12 months.
The mortgage quantities will likely be forgiven so long as:
- The mortgage proceeds are used to cowl payroll prices, and most mortgage curiosity, hire, and utility prices over the eight week interval after the mortgage is made
- Worker and compensation ranges are maintained
For the most recent info on coronavirus go to the Maryland Well being Division’s web site or name 211. You’ll find all of WJZ’s protection on coronavirus in Maryland right here.