TRI-CITIES, WA - More than 2,410 workers in Kennewick, Pasco and Richland will be able to return to their jobs or keep working, thanks to the more than $20.4 million worth of federal Paycheck Protection Program (PPP) financial relief applications submitted by Umpqua Bank on behalf of more than 100 local small business owners.
Many of the loan recipients and impacted workers are in Kennewick. Business owners there received more than 50 loans totaling more than $9 million, which will keep almost 1,350 people working.
The PPP loans that went to business owners in the Tri-Cities area are part of the $450 million total Umpqua Bank processed for more than 3,000 businesses in Washington, supporting nearly 50,000 jobs.
“Small businesses are the lifeblood of our economy. Helping them navigate and survive the pandemic has been one of Umpqua’s highest priorities the past several weeks,” said Umpqua President & CEO Cort O’Haver. “We will continue to do all we can to help our customers and communities get through this challenging time.”
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.