Regions Bank Expands Paycheck Protection Program Loan Application

BIRMINGHAM, AL — Birmingham's Regions Bank announced Tuesday it is expanding access to its Paycheck Protection Program loan application portal to allow more small businesses to apply for funding.

By expanding access to its PPP application portal to reach more small businesses, Regions will continue facilitating PPP loan requests for existing clients while also extending the service to new clients who begin a business banking relationship with Regions.

"Small businesses are the backbone of our economy and are critical to the growth and success of our communities," said Leroy Abrahams, head of Community Affairs for Regions Bank. "We recognize the stress and uncertainty COVID-19 has created for small-business owners and their employees. With the expansion of our Paycheck Protection Program loan application process, Regions is committed to getting vital funds into the hands of those working across 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 for companies suffering financial impacts amid uncertainties caused by COVID-19. The SBA is the organization that approves and allocates funding. Banks serve as facilitators, connecting their clients with the SBA option.

Qualifying small businesses are eligible to 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, Regions facilitated more than $4.8 billion in PPP loans for clients across the 15 states served by Regions branches. The overwhelming majority of these loans went to companies with fewer than 100 employees.