Paycheck Protection Program loans help nearly 4,900 businesses stay afloat during pandemic
GULFPORT, Miss. (April 20, 2020)—During the two weeks during which federal dollars were available for the first round of the U.S. Small Business Administration Paycheck Protection Program (PPP), Hancock Whitney (Nasdaq: HWC) provided $1.7 billion in SBA-approved funding for 4,893 loans to help local businesses and the people who work for them stay financially afloat amid the economic impacts of the novel coronavirus.
Of the approximate $1.7 billion in funds, 77 percent were for small businesses requesting $350,000 or less, an additional 13 percent were for loans between $350,000 and $1 million, and another 4 percent were between $1 and $2 million.
“Our team mobilized quickly and has done an exceptional job processing thousands of applications in a very dynamic and changing environment. We were able to help our small business clients keep their teams employed and ready to reopen,” said Hancock Whitney President and CEO John M. Hairston.
Hancock Whitney began accepting applications under the PPP the first day possible, April 3, 2020. Working through evolving SBA guidance, Hancock Whitney bankers worked around the clock to process thousands of applications and access $1.7 billion in funding, which was 85 percent of the total PPP funds requested by Hancock Whitney clients completing applications with the documentation SBA requires.
“Our teams continue to work non-stop even after the funds have been exhausted to ensure we are ready to process the applications in our pipeline when the next round of money is available. We will do everything within our control to get the remaining applications through the SBA systems,” added Hairston.
Hancock Whitney also continues to offer certain fee and loan payment deferral options to help people and businesses affected financially by the novel coronavirus. More information is available at www.hancockwhitney.com/covid19.
About Hancock Whitney
Since the late 1800s, Hancock Whitney has embodied core values of Honor & Integrity, Strength & Stability, Commitment to Service, Teamwork, and Personal Responsibility. Part of the Hancock Whitney Corporation Gulf South financial services family, bank offices and financial centers in Mississippi, Alabama, Florida, Louisiana, and Texas offer comprehensive financial products and services, including traditional and online banking; commercial and small business banking; private banking; trust and investment services; healthcare banking; certain insurance services; and mortgage services. The company also operates a loan production office in Nashville, Tennessee, as well as trust and asset management offices in New Jersey and New York. BauerFinancial, Inc., the nation’s leading independent bank rating and analysis firm, consistently recommends Hancock Whitney as one of America’s most financially sound banks. More information is available at www.hancockwhitney.com.