14 unchanged sentences
As a result, the demand for our products and services has been, and may continue to be, significantly impacted.
−Removed: Furthermore, the pandemic could further influence the recognition of credit losses in our loan portfolios and further increase our allowance for credit losses, particularly as businesses remain closed and as more of our customers are expected to draw on their lines of credit or seek deferments of scheduled loan payments to help mitigate the effects of lost revenues.
−Removed: As previously noted, we have already increased our allowance for expected credit losses by $23.5 million for the six months ended June 30, 2020, due to the continuing anticipated impact of COVID-19-related
+Added: Furthermore, the pandemic could further influence the recognition of credit losses in our loan portfolios and further increase our allowance for credit losses, particularly as many businesses remain closed or partially open.
+Added: Our customers could be expected to draw further on their lines of credit or to seek deferments of scheduled loan payments to help mitigate the effects of lost revenues.
+Added: As previously noted, we have already increased our allowance for expected credit losses by $23.5 million for the nine months ended September 30, 2020, due to the continuing anticipated impact of COVID-19-related
economic distress on our loan portfolios, coupled with the implementation of CECL for determining our overall provision for credit losses in the first quarter of 2020.
−Removed: In addition, as also noted above, through July 10, 2020, we have granted temporary payment deferments of interest or of principal and interest to customers for 820 loans, with a gross balance of $1.27 billion, or approximately 15% of our total loan portfolio at June 30, 2020.
+Added: In addition, as also noted above, through October 9, 2020, we have granted temporary payment deferments of interest or of principal and interest to customers for 33 loans, with a gross balance of $68.6 million, or less than 1% of our total loan portfolio at September 30, 2020.
Depending on the scope and duration of the COVID-19
−Removed: pandemic, we believe there is a high likelihood that additional loan payment deferments and increased provisions for expected credit losses could prove necessary for future calendar quarters in 2020.
+Added: pandemic, we believe there is a reasonable possibility that additional loan payment deferments and increased provisions for expected credit losses could prove necessary for the final calendar quarter in 2020.
Similarly, because of changing economic and market conditions affecting bond issuers, we may be required to recognize credit losses in future periods on the securities we hold as well as reductions in other comprehensive income.
9 unchanged sentences
businesses throughout the United States, including in the State of California, through loans made by authorized lenders and guaranteed by the federal Small Business Administration (SBA).
−Removed: Because the Company is an authorized SBA lender and our primary customer base consists of small
−Removed: and medium-sizedbusinesses,
−Removed: the Company has actively participated in the PPP.
−Removed: Including the second round of funding after Legislation passed on April 24, 2020, we have originated and funded approximately 4,100 PPP loans from our customers and, through two separate rounds of authorized funding for the PPP, totaling $1.10 billion as of June 30, 2020.
+Added: Because the Company is an authorized SBA lender and our primary customer base consists of small and medium-sized
+Added: businesses, the Company has actively participated in the PPP.
+Added: Including the second round of funding after Legislation passed on April 24, 2020, we have originated and funded approximately 4,100 PPP loans from our customers and, through two separate rounds of authorized funding for the PPP, totaling $1.10 billion as of September 30, 2020.
Under interim final regulations promulgated by the SBA, PPP lenders are entitled to rely on borrower certifications with respect to issues such as program eligibility and eligible loan amounts, and PPP loans are designed to be subsequently forgivable, in whole or part, if certain additional criteria are met by the borrower with respect to employee payroll maintenance.
1 unchanged sentence
In this regard, because the PPP was quickly implemented into operation and the SBA’s interim regulations have been repeatedly revised and are continuing to evolve, there are significant risks to the Company’s participation in the PPP, including whether certain borrowers will ultimately be found to have been eligible for PPP loans, whether eligible PPP loan amounts for certain borrowers were correctly calculated, whether certain PPP loans will ultimately be determined to be forgivable, and if not, whether the SBA’s guarantee will continue to apply to any unforgiven PPP loan amounts.
+Added: As of November 5, 2020, 69 loans, representing approximately $43 million, were submitted to the SBA and granted forgiveness.
+Added: To date, our customers who have had their forgiveness requests reviewed by the SBA have received nearly 100% loan forgiveness.
Another program enacted pursuant to the federal CARES Act and designed to help provide support to small and medium-sized
9 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.