Fulton Bank N.A., a subsidiary of Fulton Financial Corporation, recently announced that, to date, through its participation in the Small Business Association's (SBA) Paycheck Protection Program (PPP), it is issuing nearly $2 billion in SBA guaranteed loans to more than 9,400 small business, nonprofit and commercial clients. Fulton began accepting applications to the PPP in early April and reopened its application queue when Congress approved a second round of funding after the first round was depleted.
In March, U.S. lawmakers passed the Coronavirus Aid, Relief and Economic Security (CARES) Act to provide emergency economic relief for businesses that have been negatively impacted by COVID-19. The PPP, which was established by the CARES Act, authorizes banks to provide funding for qualifying small to medium-sized businesses to be used for employee job retention and certain other expenses.
Fulton Bank N.A. operates approximately 230 branches in Pennsylvania, Maryland, Delaware, New Jersey and Virginia. Additional information on Fulton Bank can be found at http://www.fultonbank.com.
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