Crypto-friendly banks such as Signature are the companies that receive the most loans for pay protection schemes

Data from the U.S. Government’s Payroll Protection Program show that among banks seeking payroll protection program loans (PPP), the two most popular are cryptocurrency-friendly banks. The Block analyzed the nearly 70 cryptocurrency companies that accepted loans announced by the US Treasury Department last week and found that two crypto-friendly banks, Signature Bank and Silicon Valley Bank, accepted nine and eight loans respectively. Earlier, Lianwen had reported that the US Small Business Administration (SBA) issued detailed information on the Pay Protection Plan (PPP). According to Coindesk statistics, more than 75 companies in the blockchain and cryptocurrency industries have received at least US$30 million in PPP loans from the US government. The companies accepting loans include Zcash development company Electric Coin Company, Ethereum developer ConsenSys and the U.S. entity acquired by TRON Foundation Rainberry Inc and crypto venture capital companies Polychain Capital and Unchained Capital. The plan was created by the Trump administration during the outbreak of new coronary pneumonia and aims to help companies pay their employees in the ongoing economic crisis. Lianwen note, the salary protection plan is a corporate assistance plan adopted by the US government against the new crown epidemic, which aims to provide cash flow assistance to US small businesses through federal guaranteed loans.