July 15, 2020 – Dubuque, IA – Heartland Financial USA, Inc.
SBA Releases PPP Loan Data
Disclosed details vary based on loan amount
July 7, 2020 – Dubuque, IA – On Monday, July 6, the Small Business Administration (SBA) released Paycheck Protection Program (PPP) loan data at the request of Congress, media and others given the significant taxpayer commitment to the program. This was not a decision made by Heartland Financial USA, Inc., its member banks or any other bank that participated in the government program.
Names of borrowers with a PPP loan for less than $150,000 were not disclosed. Only the city, state, zip code, the number of employees that benefited, and the congressional district were disclosed for these loans, along with the name of the lender that made the loan.
For PPP loans of $150,000 or more, the SBA released the borrower’s name in addition to the business location, the number of employees that benefited and the congressional district. The SBA released a dollar range for these loans, not the exact amounts.
“Heartland is proud to have helped thousands of small businesses during this difficult and challenging time,” said Bruce K. Lee, President and CEO. “In total, we’ve processed more than 4,800 PPP loans for more than $1.1 billion and preserving more than 112,000 jobs.”
To date, banks of all sizes have provided more than $500 billion in PPP loans to small businesses across the country, helping to preserve 51 million jobs, according to the SBA. The size, scale and speed of the banking industry’s response was unprecedented, and we were honored to be a part of this important effort.
There is still more work to do to help businesses overcome the economic effects of the pandemic. Heartland and its banks will continue to support business customers as we do our part to help fuel the economic recovery in our communities.