Swiss bank UBS is participating in a protection plan for small businesses in the U.S. It pledged $2 billion for loans and will donate any income it generates through the program.
UBS, Switzerland’s biggest bank, is already a major player in the Swiss emergency loan plan. Now, it has also thrust it might behind a similar plan to prevent a mass insolvency among U.S. small firms, according to a report by «Bloomberg».
UBS will provide $2 billion to the Paycheck Protection Program (PPP) to help sustain small businesses during the coronavirus pandemic in the world’s largest economy.
UBS to Donate Fees
The bank is working with Newtek Business Services to provide liquidity to companies in need, according to Michael Blum, the head of banking in the Americas.
As it has promised to do in Switzerland too, it also pledged in the U.S.: UBS won’t keep the proceeds from the program and donate the fees from the initiative to small-business relief.
