A new report shows over 21,700 loans through the Paycheck Protection Program (PPP) have been approved for small business, nonprofits and faith based organizations in Montana.
The U.S. Small Business Administration’s most recent report shows more than $500 billion had been approved for PPP loans nationwide as of Apr. 16. More than $1.7 billion of that went to Montana.
Nearly $350 billion from the first round of funding for the PPP ran out in just two weeks in April, but roughly a third of the second round of funding is still available.
Congress approved the additional $310 billion for the program on Apr. 23, following reports that many small business owners had been unable to access loans and were still struggling. The PPP provides forgivable loans to cover eight weeks of payroll and benefits. Up to a quarter of the loan may be used to cover mortgage interest, rent and utilities.
Any part of the PPP loan that is not forgiven must be paid back, either immediately or in the form of a two year, low interest loan.