Approximately 65 South Carolina banks participating in the Paycheck Protection Program closed $5.7 billion in loans.
The program began in early April and ran through Aug. 7. As part of the federal CARES Act, the PPP consisted of almost $660 billion to expand access and availability of loans to small businesses.
“Our bankers helped 63,000 small-business customers survive, which allowed them to continue to pay their employees,” said South Carolina Bankers Association president and CEO Fred Green. “Even more impressive is that these loans helped maintain and protect over 650,000 South Carolina jobs, which represents over 25% of the entire workforce of our state.”
PPP loans were made by lending institutions but guaranteed by the Small Business Administration. Lenders reviewed applications, and if all the paperwork was in order, they approved the loans and submitted them to the SBA.
Due to volume of PPP loan applications, many South Carolina banks experienced a significant influx of work, which led to bankers at some institutions working for three weeks or longer without a break, said the SCBA in a press release.
“Our bankers played an essential role in keeping South Carolina operating,” Green said. “They put in many long days and nights helping business owners navigate the loan process and ensuring that documentation was filed correctly. And many of our bankers worked not just with their own customers but also with non-customers to help them secure PPP loans. They understand the importance of keeping South Carolina businesses and residents working.”
The SCBA dedicated the most recent issue of its quarterly magazine, “The Palmetto Banker,” to South Carolina bankers who worked with the Paycheck Protection Program.