M&T Bank Approves $1.3B In Payroll Protection Program Business Loans
BALTIMORE (WJZ) -- M&T Bank announced Thursday it has approved Payroll Protection Program loans for 6,660 businesses in Greater Baltimore, totaling more than $1.3 billion.
The money is meant to help businesses in the Baltimore area keep employees on their payrolls during the COVID-19 outbreak.
M&T Bank said it has funded PPP loan applications for 27,711 businesses in its mid-Atlantic and Northeast footprint, totaling more than $6.4 billion.
The bank, the second-largest in Greater Baltimore, said it has processed more than 96 percent of the eligible applications it received throughout the footprint.
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M&T Bank received about 30,000 applications, though not all were eligible. By comparison, M&T processed about 1,500 Small Business Administration loans last year.
The loan amounts will be forgiven as long as:
- The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made
- Employee and compensation levels are maintained
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