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SBA Paycheck Protection Program at Synovus

Overview
19,000 loans closed totaling $2.9 billion as of May 5,2020

  • April 3-16: 8,300 loans totaling $2 billion
    • Application process opened April 10 to the self-employed and independent contractors.
  • April 17-26: period between rounds
  • April 27-May 5: 9,800 totaling $900 million

Business receiving PPP loans employ more than 335,000 individuals.
Synovus PPP loans are helping people by supporting employers across the bank’s five-state footprint.

  • Alabama
    • 2,305 loans
    • $406 million
    • $175,939 average loan
    • 43,900 jobs
  • Florida
    • 5,059 loans
    • $762 million
    • $150,774 average loan
    • 88,450 jobs
  • Georgia
    • 7,918 loans
    • $1.18 billion
    • $148,754 average loan
    • 151,860 jobs
  • South Carolina
    • 2,190 loans
    • $382 million
    • $174,373 average loan
    • 46,175
  • Tennessee
    • 383 loans
    • $60 million
    • $156,352 average loan
    • 6,680 jobs

Smaller loans help more people.
Over two-thirds of our PPP loans were for $100,000 or less, meaning funds were spread to a large number of businesses and individuals across the footprint.

  • 70% of PPP loan amounts were $100,000 or less
  • 35% of PPP loan amouns were less than $25,000

Synovus PPP loans support small business owners and large enterprises.
Over 80% of PPP loans helped support smaller businesses with 25 employees or fewer.

  • 84% of Synovus PPP loans to businesses with 0-25 employees
  • 16% of Synovus PPP loans to businesses with 26 or more employees

PPP funding reaches a wide range of industries

  • $181.6 million to medical and dental services providers
  • $170 million to limited and full service restaurants
  • $133.1 million to plumbing, heating/AC, electrical/wiring contractors
  • $105.6 million to legal services providers
  • $58.9 million to religious organizations
  • $53.4 million to engineering services
  • $39.1 million to elementary and secondary schools
  • $34.9 million to hotels

The Small Business Administration (SBA) Paycheck Protection Program
The SBA Paycheck Protection Program was created by the CARES Act, which authorized $659 billion for loans under the SBA Section 7(a) guaranteed lending program for job retention and certain other expenses for small businesses, nonprofits, and veterans’ organizations.

Synovus Bank, Member FDIC, Equal Housing Lender