Regions Bank expands Paycheck Protection Program loan application to new customers

Marietta Daily Journal, Ga.
·1 min read

Feb. 23—Regions Bank, which has several Cobb County locations, announced on Tuesday that the company is expanding access to its Paycheck Protection Program loan application portal to allow more small businesses to apply for funding.

Across the banking industry, many lenders have accepted PPP loan applications primarily from existing clients, rather than new clients. By expanding access to its PPP application portal to reach more small businesses, Regions will continue facilitating PPP loan requests for existing clients while also extending the service to new clients who begin a business banking relationship with Regions.

PPP is a program established and managed by the Small Business Administration to provide crucial financing for companies suffering financial impacts amid uncertainties caused by COVID-19. The SBA is the organization that approves and allocates funding. Regions and other banks serve as facilitators, connecting their clients with the SBA option. Regions has long served as a preferred SBA lender.

Qualifying small businesses are eligible to receive funds under the PPP in the form of forgivable loans. Regions reopened its PPP application portal in January as the second round of PPP funding began nationwide. During the first round of PPP funding in 2020, Regions facilitated more than $4.8 billion in PPP loans for clients across the 15 states served by Regions branches. The overwhelming majority of these loans went to companies with fewer than 100 employees.

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