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Sonoma County sees $57 million in relief funds from Umpqua Bank

More than 4,000 workers in Sonoma County will be able to return to their jobs or keep working after a $57 million distribution of federal Paycheck Protection Program financial relief applications submitted by Umpqua Bank.

The loan funds that went to business owners in Sonoma County is part of the $700 million 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.”

Umpqua was 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.

The bank 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. By pre-crisis comparison, Umpqua extends roughly $140 million in SBA funding on average in an entire year.

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