MONTHS TO ARRIVE. CORRINE: NEARLY $10 BILLION IN PAYCHECK PROTECTION PROGRAM LOANS HAVE BEEN APPROVED BY THE STAT IN TOTAL 36,604 LOANS WERE APPROVED, TOTALING $9.9 BILLION. THIS PUTS THE COMMONWEALTH IN THE TOP 10 STATES BASED ONB BO — BASED ON BOTH LOAN DOLLARS AND THE TOTAL NUMBER OF LOANS MADE SINCE THE PPP BEGAN ACCEPTING APPLICARIONS. THE PPP IS PART OF THE CARES ACT AND IS A LOAN DESIGNED TO PROVIDE DIRECT INCENTIVE FOR SMALL BUSINESSES TO KEEP THEIR WORKERS ON THE PAYROLL THE SMALL BUSINESS ADMINISTRATION SAYS THEY ARE IMPEMENTING THE LARGEST PROGRA THE AGENCY HAS EVER UNDERTAKEN
Pennsylvania gets nearly $10 billion in paycheck protection loans
Coronavirus pandemic takes massive toll on Pennsylvania economy
Nearly $10 billion in Paycheck Protection Program loans have been approved for Pennsylvania as the state deals with the economic impact of the coronavirus pandemic.In total 36,604 loans were approved totaling $9.9 billion.The numbers put the commonwealth in the top 10 states based on both loan dollars and the total number of loans made since the PPP began accepting applications.The PPP is part of the stimulus program approved by Congress. They are loans designed to provide direct incentive for small businesses to keep their workers on the payroll.The U.S. Small Business Administration says they are implementing the largest programs the agency has ever undertaken and is working as fast as possible to bring relief to Pennsylvanians.You can find guidance and loan resources on this SBA page.Nationally, the SBA approved 1,035,086 loans for a total amount of $247,543,393,521. Seventy percent of the loans approved were for amounts under $150,000.“These loans will bring immediate economic relief and eight weeks of financial certainty to millions of small businesses and their employees,” SBA Administrator Carranza said when the program launched. “We urge every struggling small business to take advantage of this unprecedented federal resource – their viability is critically important to their employees, their community, and the country.”The loans, which are 100% backed by SBA, are being provided to small businesses without collateral requirements, personal guarantees, SBA fees, or credit elsewhere tests. Those eligible for the program include small businesses, certain non-profits, veterans’ organizations, self-employed individuals, independent contractors, and other businesses meeting size standards based on their North American Industry Classification System code.
HARRISBURG, Pa. —
Nearly $10 billion in Paycheck Protection Program loans have been approved for Pennsylvania as the state deals with the economic impact of the coronavirus pandemic.
In total 36,604 loans were approved totaling $9.9 billion.
The numbers put the commonwealth in the top 10 states based on both loan dollars and the total number of loans made since the PPP began accepting applications.
The PPP is part of the stimulus program approved by Congress. They are loans designed to provide direct incentive for small businesses to keep their workers on the payroll.
The U.S. Small Business Administration says they are implementing the largest programs the agency has ever undertaken and is working as fast as possible to bring relief to Pennsylvanians.
You can find guidance and loan resources on this SBA page.
Nationally, the SBA approved 1,035,086 loans for a total amount of $247,543,393,521. Seventy percent of the loans approved were for amounts under $150,000.
“These loans will bring immediate economic relief and eight weeks of financial certainty to millions of small businesses and their employees,” SBA Administrator Carranza said when the program launched. “We urge every struggling small business to take advantage of this unprecedented federal resource – their viability is critically important to their employees, their community, and the country.”
The loans, which are 100% backed by SBA, are being provided to small businesses without collateral requirements, personal guarantees, SBA fees, or credit elsewhere tests. Those eligible for the program include small businesses, certain non-profits, veterans’ organizations, self-employed individuals, independent contractors, and other businesses meeting size standards based on their North American Industry Classification System code.
PA. RECEIVES nearly $10 billion through paycheck protection program
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