$347 billion in PPP loans made: How did Colorado fare?

According to numbers released today by the Small Business Administration:

Colorado got 2.16 percent of the market share via:

  • 41,635 loans
  • $7,392,960,359 total loan value

Across the nation:

  • 1.6 million borrowers
  • 74 percent of loans were greater than $150k
  • 4,975 lenders
  • 60 percent of loans were made by banks smaller than $10 billion: community banks
 
Bankers: we need your help
Contact Congress NOW

Below is a suggested letter (or talking points for a phone call) for you to send to your Members of Congress urging additional funding for the Paycheck Protection Program (PPP) and a suggested letter/call for customers of the bank to use if you want to provide that to them. Congressional contact information is below.


SUGGESTED BANK CALL TO MEMBERS OF CONGRESS (contact information below):
Please call your Colorado Members of Congress (contact information attached) to urge leaders in Congress to approve additional PPP funding immediately. Whether you get a staffer or voice mail, here’s all you need to say:

  • I am calling to ask Congress to immediately approve additional funding for the Small Business Administration’s Paycheck Protection Program.

  • Banks like ours have been working around the clock to assist small businesses.

  • PPP has been a lifeline for small businesses across the country, allowing them to preserve jobs.

  • Don’t let this lifeline go away.

  • Please approve additional funding today. Pass this message onto your small business customers as well.

SUGGESTED BANK LETTER TO MEMBERS OF CONGRESS (email or fax it, contact information below):

If you prefer to email or fax a note, you can edit the below language to reflect your thoughts:
The ________ Bank, town, urges Congress to quickly increase funding for the Small Business Administration’s Paycheck Protection Program (PPP). In just under two weeks, the PPP has provided an economic lifeline to over one million small businesses across the country and has allowed these small businesses to remain viable – and maintain their work forces – during the COVID-19 pandemic. 

Banks have been doing their part, $350 billion in loans nationwide, and approximately $8 billion in Colorado; we now need Congress to act. The latest data show Colorado getting more than 2.7% of total U.S. loans and more than 2.3% of loan amounts, although we are 1.7% of U.S. population. Only 16 states have received more loan dollars than Colorado.

Despite the challenges of standing up this massive program in a matter of days, bank employees are working early mornings and late nights to serve the needs of small businesses. PPP is working, but the funds are exhausted. We urge quick Congressional action so banks can continue to distribute these desperately needed funds to small businesses, which form the economic core of our communities.

While we continue to push for specific improvements to the program, we implore Congress to expeditiously approve additional PPP funding and allow banks to continue to serve the needs of their communities.



We need to know!

As we continue to advocate for additional PPP funds (you can help using information below) Please provide us with the following information:

  • How many PPP loan applications did you have pending (whether entered in ETran or not) before PPP funds were exhausted early Thursday?

  • What is the approximate value of those unapproved loans? 

Please submit your answers to Lindsay Muniz at Lindsay@coloradobankers.org
Avoiding and effectively dealing with lender liability litigation during a downturn

This webinar will focus on measures lenders can take to avoid, minimize, and effectively deal with claims and litigation from borrowers, guarantors, competing lienholders and others. Topics for discussion will include:

  • Identifying loans, borrowers, and collateral likely to produce litigation
  • Best practices for loan forbearance, modification, and workout negotiations and documentation
  • Common lender liability claims and defenses 
  • Best practices for record preservation and discovery

When: April 23 from 10-11 a.m.
Presenter: Scott Sandberg, attorney, Spencer Fane LLP
Price : $50 members $75 non members
SUGGESTED CUSTOMER CALL TO MEMBERS OF Congress (contact information below):
Please call your Colorado Members of Congress (contact information attached) to urge leaders in Congress to approve additional PPP funding immediately. Whether you get a staffer or voice mail, here’s all you need to say:

  • I am calling to ask Congress to immediately approve additional funding for the Small Business Administration’s Paycheck Protection Program.
  • PPP has been a lifeline for small businesses across the country, allowing them to preserve jobs.
  • Don’t let this lifeline go away.
  • Please approve additional funding today.

SUGGESTED CUSTOMER LETTER TO MEMBERS OF CONGRESS (email or fax it, contact information below):
If you prefer to email or fax a note, you can edit the below language to reflect your thoughts:
I urge Congress to quickly increase funding for the Small Business Administration’s Paycheck Protection Program (PPP). In just under two weeks, the PPP has provided an economic lifeline to over one million small businesses across the country and has allowed these small businesses to remain viable – and maintain their work forces – during the COVID-19 pandemic. 

Banks have utilized the full $350 billion in loans nationwide, with approximately $8 billion in Colorado; we now need Congress to act. The latest data show Colorado getting more than 2.7% of total U.S. loans and more than 2.3% of loan amounts, although we are 1.7% of U.S. population. But we still need more to protect small businesses.

I urge quick Congressional action so these desperately needed funds can be available to small businesses, which form the economic core of our communities.
Congress contact information: click the image to access e-mail links
Colorado Bankers Association
303-825-1575 | 303-825-1585