- Newtek Business Services' (NEWT -1.7%) SBA lending arm has obtained SBA loan numbers for $1.1B of Paycheck Protection Program loans and will have funded $603.4M of those loans by the close of business today.
- Newtek Small Business Finance estimates that more than 130K employees could be retained by NSBF's PPP borrowers if its total potential funding of $1.1B of PPP loans is reached.
- The company says there's no assurance it will ultimately fund all of these loans.
- The PPP program is still ongoing and NSBF is still accepting PPP loan applications as of May 4, so the gross amount of PPP loan approvals may rise from the current level.
- Previously: Newtek gets SBA loans numbers for $548M of payroll loans (April 20)