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.
$175,939 average loan
$150,774 average loan
$148,754 average loan
$174,373 average loan
$156,352 average loan
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.
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