INDIANAPOLIS, Ind. (WEHT) – According to data released by the Small Business Administration, 71,614 Paycheck Protection Program loans have been approved through May 8 for small businesses in Indiana, with funds still remaining.
This figure combines Indiana loans approved to date in Round Two of funding, which began April 27, with Round One loans approved April 3-16. Combining both rounds of funding, Indiana banks have assisted in providing nearly $10 billion in PPP loans to small businesses in the Hoosier state.
PPP loans, a provision of the CARES Act, are backed by the SBA and forgivable if at least 75% of dollars received are applied toward payroll.
The first round of funding provided $350 billion in loans; Round Two provided an additional $300 billion.
Nationwide, combining loan activity of Round One with Round Two, 4,232,534 PPP loans have been approved to date, totaling $531,221,587,671 in gross dollars.
(This story was originally published on May 11, 2020)
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