WESTERN Pa.– The U.S. Small Business Administration announces its Paycheck Protection Program (PPP) has approved 1,035,086 loans for a total amount of $247,543,393,521 through 4,664 participating lenders nationwide. Seventy percent of the loans approved were for amounts under $150,000.
“The SBA and our partner federal agencies alongside state and local government, are working together to protect public health and the future of small business. SBA’s top priority is to ensure small businesses can continue their contributions to the state’s economy, and our nation,” said SBA Mid-Atlantic Regional Administrator Steve Bulger.
In the Commonwealth of Pennsylvania 36,604 loans were approved for $9,910,549,957, placing Pennsylvania in the top 10 states based on both loan dollars and the total number of loans made since the PPP began accepting applications.
“Increasing access to emergency capital for small businesses is a critical role for SBA during the COVID-19 pandemic. SBA is implementing the largest programs the agency has ever undertaken and is working as fast as we can to bring relief to Pennsylvania’s small businesses and their employees,” SBA Western Pennsylvania District Director Dr. Kelly Hunt said.
“Our lending partners play an essential part in the SBA’s efforts to help small businesses. Lending volume under the PPP program speaks highly of the commitment of the SBA and our lending partners to offer these loans to small businesses, nonprofits, and faith-based institutions impacted economically by COVID-19,” SBA Eastern Pennsylvania District Director Steve Dixel said.
Part of the CARES Act, the Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Borrowers can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. Borrowers should consult with their local lender as to whether it is participating in the program.
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