05.19.20

Senator David Perdue Highlights Success Of PPP Loans

“Community banks are the rock stars of this program.”

WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA) today highlighted the success of the Paycheck Protection Program (PPP) during a virtual Senate Banking Committee hearing on the CARES Act. Witnesses included Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin.

Click here or on the image below to watch Senator Perdue’s comments.

banking

Transcript:

“I want to correct the record and highlight some numbers here. First of all, the Dodd-Frank bill killed about 4,000 community banks in about six years. There was a bipartisan bill done in January 2018 that modified the most onerous parts of Dodd-Frank and saved our community banks. They are the rock stars of the Paycheck Protection Program.

“800 SBA banks were approved under the SBA system prior to this. Now, some 5,000 banks have made 4.3 million loans and put out almost $520 billion of PPP funds so far. By the way, 99.8% of that $520 billion went to businesses with fewer than 500 employees, so this did what we wanted it to do. 93% of those loans are $350,000 or less.”

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