Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events

Subsequent Events

Note 29 – Subsequent events

 As of May 11, 2020, the Company has facilitated the fundings of approximately $2.1 billion of loans through the U.S. Small Business Administration's Paycheck Protection Program ("PPP"). Through the CARES Act, the initiative calls for existing SBA lenders to extend loans to small businesses to cover payroll, occupancy and operating expenses through the PPP. Furthermore, the PPP includes a 100% guarantee from the federal government for loans up to $10 million and principal forgiveness for borrowers if the funds are used primarily for retaining employees. Since the Company opened its PPP loan portal, it has accepted more than 40,000 applications and has obtained SBA approvals to fund in excess of $2.9 billion of loans across the U.S.