(Photo | Courtesy of Umpqua Bank)
Nealry 4,060 workers in Central Oregon will be able to return to their jobs or keep working, thanks to the more than $34 million worth of federal Paycheck Protection Program (PPP) financial relief applications submitted by Umpqua Bank on behalf of about 360 local small business owners.
The PPP loans that went to business owners in Crook, Deschutes and Jefferson Counties are part of the more than $750 million Umpqua Bank processed for its customers in Oregon.
“Small businesses are the lifeblood of our economy,” said Umpqua President and CEO Cort O’Haver. “Helping them navigate and survive the pandemic has been one of Umpqua’s highest priorities the past several weeks. We will continue to do all we can to help our customers and communities get through this challenging time.”
A large percentage of the Central Oregon loan recipients and impacted workers are in Bend. Business owners there received more than 300 loans totaling almost $26 million, which will keep about 3,360 people working.
Umpqua was one of the first banks in the country ready to accept small business applications when the Small Business Administration launched the Paycheck Protection Program on April 3. The bank has successfully processed nearly 14,000 loans worth an estimated $2 billion that helped local businesses save 240,000 jobs in communities.
For context, Umpqua might fund roughly $140 million in SBA funding on average in an entire year.