Newtek Small Business Finance Obtains $548 Million in E-Tran Numbers For Paycheck Protection Program (PPP) Loans To-Date
Newtek Business Services Corp. (NEWT)
Last newtek business services corp. earnings: 11/6 04:05 pm
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Source: GlobeNewswire
BOCA RATON, Fla., April 20, 2020 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (Nasdaq: NEWT), an internally managed business development company (“BDC”), today announced that Newtek Small Business Finance, LLC (“NSBF”), the Company’s nationally licensed lender under the U.S. Small Business Administration (“SBA”) Section 7(a) Program, currently expects to fund upwards of $340 million of PPP loans by the close of business on Tuesday. As of today, NSBF has approved and obtained SBA E-Tran (loan) numbers for $548 million of PPP loans (which includes the $340 million of PPP loans to be funded by the end of the day, and $208 million of PPP loans awaiting funding), since the PPP program commenced. NSBF further estimates that the $548 million of SBA loan numbers received will result in approximately 60,000 employees being retained on the payroll of our borrowers. Finally, NSBF has additional prospective borrowers compiling their information to be processed for PPP loan approval,
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