Paycheck Protection Program

The federal program to help small businesses stay afloat during the COVID-19 pandemic ended last week. The Paycheck Protection Program stopped accepting applications Friday when its funding dried up.

The Paycheck Protection Program that’s given aid to businesses during the pandemic has run out of funding, according to the U.S. Small Business Administration. The SBA will continue to fund already approved PPP applications.

Nearly 9,000 loans have been approved for small businesses, nonprofits and faith based organizations in Montana so far this year through the second round of the Paycheck Protection Program.

Montana’s economic performance in 2020 will go down as the worst in its post war history, but economists say a flood of federal relief dollars have largely buoyed incomes and the state’s recovery from the COVID-19 pandemic. The Bureau of Business and Economic Research at the University of Montana held its annual economic outlook seminar this week and told the story of Montana’s industries.

While the COVID-19 pandemic cratered Montana’s economy last spring, researchers say the state’s recovery has been a little stronger than the U.S. average.

Nearly 2,400 loans have been approved for small businesses, nonprofits and faith based organizations in Montana through the second round of the Paycheck Protection Program.

The Paycheck Protection Program reopened Friday with a more finessed approach, as small business optimism is waning.

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