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Government & Politics

Montana Businesses Approved For Nearly $1.5 Billion In Relief Loans

A 'closed' sign on the door of the Agate Salon in Missoula, April 03, 2020.
William Marcus
/
Montana Public Radio
The Agate Salon in Missoula, April 03, 2020.

Montana businesses have been approved for nearly 13,500 loans totalling almost $1.5 billion as part of the federal coronavirus relief package.

The U.S. Small Business Administration reported more than 1.6 million loan applications had been approved nationwide by Thursday at noon and that the nearly $350 billion funding pool through the Paycheck Protection Program officially ran out of funds.

Many Montana businesses are struggling to make ends meet amid business closure and stay at home orders in effect through next Friday.

Unemployment applications have skyrocketed in recent weeks. Another 15,350 people applied for unemployment benefits last week.