M&T Bank Corporation (M&T) announced May 13, that to-date 32,273 of its customers have received approval for a total of nearly $7.0 billion in funding through the Paycheck Protection Program (PPP). M&T has disbursed nearly 100 percent of the approved funding to these companies, which employ more than 718,000 people across the bank’s eight-state footprint.
M&T continues to accept PPP loan applications for a limited period of time in order to assist as many companies as possible, and ensure that those who apply have the greatest opportunity to receive the limited Small Business Administration (SBA) funds.
Additional details of PPP loans to-date include:
- Average loan size is $213,590;
- More than 65 percent of the approvals were for loans less than $100,000; 82 percent were for less than $250,000;
- Approximately 63 percent were loans to businesses with 10 or fewer employees; 92% employ fewer than 50 people and 97 percent were to companies with 100 or fewer people;
- To support the PPP initiative, M&T grew its SBA loan team of 20 to more than 2,000. This team, working 90 percent remotely, collaborated around-the-clock to secure SBA approval for 100 percent of the completed PPP applications submitted to M&T through the end of April.
Across M&T’s footprint, a significant number of small businesses are using PPP funding to maintain their operations, including:
- Greater Baltimore/Chesapeake – 6,332 companies employing 132,283 people
- Buffalo/Niagara — 4,764 companies employing 118,838 people
- Greater Washington – 2,748 companies employing 51,259 people
- Delaware – 2,245 companies employing 37,015 people
- Rochester — 2,008 companies employing 43,931 people
- New York City — 1,485 companies employing 41,147 people
- Philadelphia — 1,042 companies employing 37,018 people
- New Jersey — 789 companies employing 23,031 people
- Long Island — 177 businesses employing 10,507 people
The vast majority of the PPP loans that M&T has secured went to small businesses employing 50 or fewer people.
To learn more about M&T, visit their website.
Source: M&T Bank
Also see: COVID-19 Resources and Helpful Websites