Thursday, May 14, 2020

Umpqua Bank Helps Secure $40 Million in PPP Relief Funds to Humboldt Small Businesses

Posted By on Thu, May 14, 2020 at 2:39 PM

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Umpqua Bank has helped more than 200 Humboldt County small business owners submit applications for the Paycheck Protection Program, securing $40 million in relief funds.


According to a press release sent by Umpqua spokesperson Kurt Heath, more than 4,000 workers in Humboldt County will be able to return to their jobs or keep working because of the financial relief applications submitted by the bank.


“Small businesses are the lifeblood of our economy and helping them navigate and survive the pandemic has been one of Umpqua’s highest priorities the past several weeks,” said Umpqua President and CEO Cort O’Haver in the press release. “We will continue to do all we can to help our customers and communities get through this challenging time.”


Read the full press release below:

More than 4000 workers in Humboldt County will be able to return to their jobs or keep working, thanks to the $40M worth of federal Paycheck Protection Program (PPP) financial relief applications submitted by Umpqua Bank on behalf of more than 200 local small business owners.

The $40M in PPP loans that went to business owners in Humboldt County is part of the $700M+ total Umpqua Bank processed for 3,500 California customers saving approximately 90,000 jobs.

“Small businesses are the lifeblood of our economy and 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.”

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, Umpqua successfully processed more than 13,000 loans totaling more than $2 billion that helped businesses save an estimated 200,000 local jobs in communities across five states.

As context, Umpqua funds roughly $140 million in SBA funding on average in an entire year.
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Iridian Casarez

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Iridian Casarez is a staff writer at the North Coast Journal.

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