Valley National Bancorp of Wayne shared Thursday that it is listed by S&P Global Intelligence as one of the 50 banks awarded more than $1 billion in Paycheck Protection Program loans.
As of data reported on May 6, 2020, Valley National Bancorp funded $2.25 billion in PPP Loans, representing 7.4 percent of its total loans.
Banks are expected to book significant fee income from the program, which offers forgivable loans to help small businesses survive the COVID-19 pandemic.
As of May 26, the Small Business Administration, which guarantees the loans, reported lenders had approved $511.3 billion of loans.
S&P said the largest banks in the country reported the highest PPP loan totals, while community banks expanded their balance sheets through the program. On May 19, JPMorgan Chase & Co. reported it funded more than $30 billion in PPP loans. Bank of America Corp. reported on May 4 it approved almost $25 billion in PPP loans.