Port Washington State Bank processed more than 398 loans totaling $42 million under the Small Business Administration’s Paycheck Protection Program (PPP) to help local small businesses support payroll and related costs, saving approximately 4,965 jobs, most of which were in Ozaukee County. The average loan size was approximately $105,525. The Paycheck Protection Program, which was originally launched on April 3 to address economic challenges caused by the COVID-19 pandemic, provides forgivable, government-guaranteed loans for the nation’s small businesses, which account for roughly 48 percent of the U.S. workforce.
The PPP Statistics for loans processed by PWSB are as follows:
- 398 Total Loans Disbursed
- $41,999,088.72 Total Dollars Disbursed
- $105,525 Average Loan Size
- 4,965 Jobs Impacted
- Largest Loan: $2,539,019
- Smallest Loan: $1,500
- Average employee count at businesses helped: 13
In addition to its PPP funding efforts, Port Washington State Bank continues to help customers during this time, offering flexibility to customers who are experiencing financial hardship, and providing quick decisions on loans.
According to the SBA summary of loan approvals through May 16, lenders with less than $50 billion in assets accounted for nearly 65 percent of approved loans—totaling 4.3 million—and more than 62 percent of the approved dollar amount—estimated at $513 billion since launch of the PPP. Nationwide, community banks have received an average of nearly 200 loan applications through the program ranging in size from less than $50,000 to more than $500,000, according to a recent ICBA survey.