LBA Statement on Louisiana Bankers Again Outperform Peers Processing PPP Loans
BATON ROUGE— The U.S. Small Business Administration’s Paycheck Protection Program, designed to assist small businesses to better cope with the COVID-19 pandemic, began the second round of forgivable loans in January 2021. This program was designed by Congress to be managed through the banking industry as the most effective channel of disbursing these forgivable loans. Once again, according to SBA data as of February 15, 2021, Louisiana’s bankers are performing above their peers around the country. As of February 15, Louisiana has approved 25,194 new PPP loans for a total of $2.022 billion. Bankers around the country continue to be the overwhelming choice for PPP loans, processing over 79% of all new PPP loans this year. Collectively in the U.S., thus far in 2021, lenders approved 6,820,913 loans to small businesses, getting $126 billion into the economy and to workers. The banking industry, and Louisiana bankers, continue to perform a critical piece in the pandemic recovery.
Louisiana Bankers Association Chief Executive Officer Robert Taylor said, “Louisiana bankers once again are proving their critical role in the economy and taking up the challenge to get PPP funds in local businesses, just as Congress intended.”
About LBA: Founded in 1900, the Louisiana Bankers Association’s mission is to help banks grow and prosper in Louisiana. For more than 120 years, the LBA has provided Louisiana’s bankers with top-quality professional development, revenue-enhancing products and services, governmental relations and public advocacy. For more information, go to www.lba.org.