The Small Business Administration’s Paycheck Protection Program challenged over 5,000 U.S. banks to serve commercial loan clients remotely with extremely quick turnaround time: three to 10 days from application to funding. Many banks turned to the internet to accept and process the tsunami of applications received, with a number of banks standing up online loan applications in just several days. In fact, PPP banks processed 25 times more loan applications in 10 days than the SBA had processed in all of 2019. In this first phase of PPP, spanning April 3 to 16, banks approved 1.6 million applications and distributed $342 billion of loan proceeds.
Category: White Papers
Charles Rierson
Mr. Rierson was most recently Managing Director and Co-Head of Financial Institutions Consulting at Situs where he built a bank consulting business on top of Situs core loan advisory capabilities. Previously, Mr. Rierson was with Regions Financial Corporation where he served as Managing Director & Chief Operating Officer of Regions Capital Markets, a division of Regions Bank, as well as Chief Executive Officer of Regions Securities LLC. Mr. Rierson also has experience with The Federal Reserve Bank of Atlanta and Wachovia Bank.