California Bank & Trust Processes More Than 8,400 PPP Loan Applications, Funding Nearly $1.62 Billion Thus Far

California Bank & Trust (CB&T) announced today that it has processed and obtained approval on more than 8,400 Paycheck Protection Programs (PPP) loans, totaling $1.62 billion, as of Friday, May 15. This funding will help preserve payroll for 138,463 California workers, based on applicant data.

More than 76% of loans approved were for amounts less than $150,000, and more than 90% of loans were made to businesses with 50 employees or fewer. The median size of the loans processed was $55,200.

Summary of CB&T PPP Loans As of May 15, 2020
Market	Loans Processed	Amount			Jobs Preserved
San Diego	981	$		204,807,645.00	16,937
Irvine	130	$		50,034,800.00	4,227
Los Angeles	428	$		82,900,500.00	6,533
San Francisco	167	$		43,166,000.00	2,717
Sacramento	185	$		37,064,800.00	3,846
Fresno	362	$		47,034,600.00	3,967
California Total	8,420	$		1,618,913,642.00	138,463

California Bank & Trust will continue processing PPP applications until funds are exhausted. As of Friday, May 8, the SBA had approved $189 billion of the $310 billion in Round 2 funding. Small businesses, independent contractors, self-employed individuals, nonprofits that qualify and have not yet applied for a PPP loan, can visit www.calbanktrust.com/cares to begin the application process.