UBS launches new client initiative providing access to the Small Business Administration's Paycheck Protection Program

To help small businesses that have been impacted by the COVID-19 pandemic, UBS announced today that it has created a new initiative to expand its current referral lending network to enable clients to access the Small Business Administration's ("SBA") new Paycheck Protection Program ("PPP"), a subset of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). UBS has currently made over 2,200 referrals of PPP loans to date, which represents over $1 billion of loans. The firm developed a solution enabling small businesses to participate in the PPP. Through its current referral lender, Newtek Business Services Corp. ("Newtek"), UBS Financial Advisors and Client Service Associates, in addition to the banking specialists in UBS's US wealth management business