BIRMINGHAM, AL — Birmingham Regions Bank announced on Tuesday that it is expanding access to its Paycheck Protection Program loan application portal to allow more small businesses to apply for financing.
By expanding access to its PPP Application Portal to reach more small businesses, Regions will continue to make PPP loan applications easier for existing customers while expanding service to new customers entering a commercial banking relationship with Regions.
“Small businesses are the backbone of our economy and are essential to the growth and success of our communities,” said Leroy Abrahams, Head of Community Affairs for Regions Bank. “We recognize the stress and uncertainty that COVID-19 has created for small business owners and their employees. With the expansion of our Paycheck Protection Program loan application process, regions are committing to put vital funds into the hands of those working in our communities to keep small businesses open and people employed.”
PPP is a program established and managed by the Small Business Administration to provide crucial financing to businesses experiencing financial impacts amid the uncertainties caused by COVID-19. The SBA is the body that approves and allocates the funds. Banks serve as facilitators, connecting their customers with the SBA option.
Eligible small businesses can receive funds under the PPP in the form of forgivable loans. Regions reopened its PPP application portal in January as the second round of PPP funding began nationwide. During the first round of PPP funding in 2020, the regions facilitated more than $4.8 billion in PPP loans for clients in the 15 states served by the regions’ branches. The overwhelming majority of these loans went to companies with less than 100 employees.