Valley Nationwide Bancorp of Wayne shared Thursday that it’s listed by S&P World Intelligence as one of many 50 banks awarded greater than $1 billion in Paycheck Safety Program loans.
As of knowledge reported on Might 6, 2020, Valley Nationwide Bancorp funded $2.25 billion in PPP Loans, representing 7.four p.c of its whole loans.
Banks are anticipated to e book important payment revenue from this system, which provides forgivable loans to assist small companies survive the COVID-19 pandemic.
As of Might 26, the Small Enterprise Administration, which ensures the loans, reported lenders had authorized $511.three billion of loans.
S&P stated the biggest banks within the nation reported the very best PPP loan totals, whereas neighborhood banks expanded their stability sheets by this system. On Might 19, JPMorgan Chase & Co. reported it funded greater than $30 billion in PPP loans. Bank of America Corp. reported on Might four it authorized virtually $25 billion in PPP loans.