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Presentation to the Senate Financial Institutions, Economic Development, and Trade Committee — Roberta Hollinshead

Summary

Presentation by Roberta Hollinshead, Director of Banks at the Washington Department of Financial Institutions, to the Senate Financial Institutions, Economic Development, and Trade Committee on May 28, 2020. The slides state that the CARES Act of March 27, 2020 established the Paycheck Protection Program (PPP), implemented by the SBA with support from the US Department of Treasury, to give small businesses funds to pay up to 8 weeks of payroll costs. They give the forgiveness specifications, including that at least 75% must have been used for payroll, and funding of $349 Billion in the 1st round and $310 Billion in the 2nd round. Further slides tabulate loan count, net approved dollars and average loan size for WA.

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“Presentation to the Senate Financial Institutions, Economic Development, and Trade Committee — Roberta Hollinshead.” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2020-05-28-a26875-d221220-wa-dfi-ppp-loan-information-5db91058f1/, SHA-256 d118a2008b06493f0143474e270e1d598637c4fff5a006bad83c53682ff90919.

Full text

 Presentation to the Senate Financial Institutions,
 Economic Development, and Trade Committee

                    May 28, 2020

         Roberta Hollinshead, Director of Banks
Washington Department of Financial Institutions
• CARES ACT: March 27, 2020 - Established Paycheck
 Protection Program (PPP) - Implemented by the SBA with
 support from the US Department of Treasury

• Purpose: Provide small businesses with funds to pay up to 8
 weeks of payroll costs.
• Lenders: Approved by the SBA – includes depository
 financial institution and non-bank lenders
 https://www.sba.gov/sites/default/files/2020-05/PPP_Lender_List_200521.pdf

                                                                              2
Forgiveness Specifications:
  • Loans fully forgiven if funds are used for payroll costs, interest on
    mortgages, rent, and utilities in the 8 week period.
  • At least 75% must have been used for payroll.


Funding: 1st Round = $349 Billion (April 3 through April 16)
              2nd Round = $310 Billion (April 24, approx. $150 B remains)


                                                                            3
  Loan Count      Net Approved Dollars   Lender Count     Average Loan Size

   1,661,367            $342 B.             4,975             $206,000

WA - Loan Count    WA - Net Approved                    WA - Average Loan Size
                         Dollars
    30,421              $6.9 B.                               $229,000


   Source:
   https://home.treasury.gov/system/files/136/SBA%20PPP%20Loan%20
   Report%20Deck.pdf
                                                                                 4
  Loan Count       Net Approved Dollar   Lender Count     Average Loan Size

   4,426,118             $511 B.             5,511            $115,503

WA - Loan Count     WA - Net Approved                   WA - Average Loan Size
                          Dollars
    91,702               $12 B.                               $130,945


    Source: https://home.treasury.gov/system/files/136/SBA-Paycheck-
    Protection-Program-Loan-Report-Round2.pdf
                                                                                 5
• Roll-out and on-going challenges

• State Chartered Banks and Credit Unions




                                            6
• Small business recovery working group
  • Local SBA officials/volunteers, economic development
    groups, bank and credit union trade groups, WA Department
    of Commerce and Department of Financial Institutions.


• Collaboration with Federal and State counterparts



                                                                7

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