As the COVID-19 pandemic has rocked Alexandria’s economy, Virginia’s oldest banking institution — Burke and Herbert Bank — has approved nearly 400 U.S. Small Business Administration Paycheck Protection Program loans to small businesses, and there are 600 still pending, according to bank president and CEO David Boyle.
“We’ve approved just about 400 loans,” Boyle told ALXnow. “We have about 1,000 applications, so we have 600 or so that are still pending in various forms and we started actually closing and funding loans this week. So the money’s actually finding its way into the borrowers’ checking accounts and such this week.”