Austin Bank Processes over 1,900 Paycheck Protection Program (PPP) Loans
Austin Bank has honored its commitment to our communities by processing 1,969 PPP loans providing our business customers with cash-flow assistance and aiding with retention of employees during this difficult time.
When the Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law, the Small Business Administration’s (SBA) Paycheck Protection Program was launched on April 3. The PPP program was designed to provide cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. Banks were charged with facilitating the new loan program designed to help minimize the number of layoffs by small businesses hurt by the Coronavirus pandemic.
“Our Bank is proud to have been able to help small businesses during this difficult and challenging time,” stated Russ Gideon, President and CEO. “To date, we have helped 1,969 local business owners receive almost $143 million in SBA funds for our East Texas communities equating to an average loan size of approximately $72,000.”
Per the US Treasury, banks of all sizes have provided more than $500 billion in PPP loans to small businesses across the country, helping to support 51 million jobs. The size, scale and speed of the banking industry’s response was unprecedented, and Austin Bank is honored to be a part of that important effort.
Jeff Austin III, Vice Chairman of the Board, commented, “We know there is still more work to do to help businesses overcome the economic effects of the pandemic. Austin Bank will continue to support our business customers as we do our part to help spur the economic recovery in our communities.”
Austin Bank will be accepting PPP loan applications through August 8.
Austin Bank is a community bank with assets in excess of $1.9 billion. Headquartered in Jacksonville, Texas, Austin Bank serves the needs of families and businesses with more than 480 employees in 34 locations, 24 cities and 12 counties. During 2019, Austin Bank employees gave countless hours of volunteer service, and the Bank contributed nearly $700,000 in direct support of local education, the arts, literacy, health and housing needs. Austin Bank is locally owned and operated by the Austin Family who is celebrating 111 years of serving the banking industry.
For more information about Austin Bank, please visit www.austinbank.com