TN banks provide nearly $9B to small businesses through the Paycheck Protection Program

Tennessee

TENNESSEE (WATE) – Tennessee Bankers Association reports they’ve provided almost $9 billion to small businesses through the Paycheck Protection Program; assisting more than 75,000 small businesses and self-employed individuals since April 3.

The Small Business Administration says during the second round of funding for the PPP, which started April 27, banks in Tennessee have processed nearly 41,000 loan applications, and received loan approvals totaling $2,408,173,223. And nationwide, there’s still $135 billion in the PPP fund.

“I am incredibly proud of the herculean effort by our bankers to deploy this crucial financial assistance to Tennesseans in need. Working with small businesses is the backbone of what banks do.”

Colin Barrett, president and CEO, Tennessee Bankers Association

The Tennessee Bankers Association says that banks stand committed to helping businesses and individuals find solutions to address any ongoing financial challenges.

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