SOMERS — Heartland Bank announced Wednesday that it has processed more than 167 loans totaling $12,394,489 under the Small Business Administration’s Paycheck Protection Program to help local small businesses support payroll and related costs.

The average loan size was approximately $74,218.49 as of May 22. The PPP, which was originally launched on April 3 to address economic challenges caused by the COVID-19 pandemic, provides forgivable, government-guaranteed loans for the nation’s small businesses, which account for roughly 48% of the U.S. workforce.

“As relationship bankers and dedicated members of this community, we are doing everything we can to protect the vibrancy of our small businesses,which serve as the economic engines for our local economy,” said Kevin Black, president and CEO of Heartland Bank. “I’m so proud of our staff, who have worked around the clock to process these loans and ensure that critical funds were able to get in the hands of those who needed it most.We will continue processing applications until all remaining PPP funds are accounted for.”

According to the SBA summary of loan approvals through May 16, lenders with less than $50 billion in assets accounted for nearly 65 percent of approved loans–totaling 4.3 million–and more than 62 percent of the approved dollar amount–estimated at $513 billion since launch of the PPP. Nationwide, community banks have received an average of nearly 200 loan applications through the program ranging in size from less than $50,000 to more than $500,000, according to a recent ICBA survey.