Congressman Keller introduces resolution recognizing lenders’ role in keeping businesses afloat during pandemic shutdowns
Washington, D.C. – Congressman Fred Keller (PA-12) today introduced legislation that recognizes the instrumental role that lenders like community banks, credit unions, and other financial institutions played in distributing Paycheck Protection Program (PPP) loans to countless small businesses amid the pandemic.
Enacted as part of the CARES Act and later replenished due to its success, the Paycheck Protection Program was a tremendous asset to small businesses across the country and to the workers it was intended to keep employed. Between April 3, 2020, and May 31, 2021, financial institutions distributed more than 11.8 million PPP loans totaling nearly $800 billion through the Small Business Administration (SBA).
On the resolution, Congressman Keller made the following statement:
“The onset of the COVID-19 pandemic brought with it broad shutdowns which forced businesses across the nation to close or alter their operations. While many businesses were forced to close permanently, the diligent efforts of our nation’s lenders helped save millions of businesses and countless livelihoods. I’m proud to introduce this resolution to recognize lenders large and small for their commitment to connecting workers and employers with targeted relief in their time of greatest need.”
Duncan Campbell, President & CEO, Pennsylvania Bankers Association:
“The Small Business Administration’s Paycheck Protection Program was an unprecedented government initiative that provided desperately needed financial assistance to the small business community in response to the coronavirus pandemic. Banks stepped up in remarkable numbers to help America’s small businesses survive the financial disruption from COVID-19 and save millions of jobs."
Tom Quinn, President & CEO, Orrstown Bank
“Small businesses are the heart of every community. As a community bank, we were honored to have helped more than 6,000 small businesses navigate through the SBA's Paycheck Protection Program. Orrstown was proud to join others in the banking community who worked tirelessly in helping small businesses gain access to these much-needed funds during such an unprecedented time.”
John J. Engel Jr., VP, Commercial Lending Manager, Woodlands Bank:
“Woodlands Bank was honored to be able to assist small businesses as well as their employees and families in an impactful way during these unprecedented times. Woodlands Bank supports the Resolution by Congressman Keller recognizing the collaborative efforts of the SBA, Treasury and private financial institutions.”
Text of the resolution is below:
Expressing the sense of Congress that financial institutions provided copious and necessary assistance as an intermediary between the Small Business Administration and affected businesses during the COVID–19 pandemic.
Whereas, between April 3, 2020, and May 31, 2021, 5,467 financial institutions distributed 11,823,594 loans totaling $799,832,866,520 through the Paycheck Protection Program of the Small Business Administration;
Whereas, through public-private collaboration, essential emergency funding kept the most at-risk businesses afloat during unprecedented and unpredictable economic activity; and
Whereas, between March 27, 2020, and August 8, 2020, lenders of all sizes played a significant role, and those with less than $10,000,000,000 in assets played an outsized role in facilitating the survival of small businesses and the jobs they support, and this group of 5,338 lenders facilitated 2,745,204 loans totaling $233,776,205,568 and distributed 45 percent of funding made available through the CARES Act (Public Law 116-136) during this period: Now, therefore, be it
Resolved, That the House of Representatives finds that the Paycheck Protection Program and the collaboration of the Small Business Administration, the Department of the Treasury, and private financial institutions kept millions of businesses open throughout the economic fallout resulting from the COVID–19 pandemic.
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