SBA’s Payroll Protection Program Saves Thousands of Jobs
Wednesday, July 29th, 2020
With the help of super-connecting governors, mayors, community leaders, music influencers, media, citizens, activists, clergy, and bankers, our southeastern region's small businesses have accessed over 279,760 in Payroll Protection Program (PPP) loans. These loans created an initial multiplying impact on our economy at a value over $87,111, 898,606.
Nationally, over 50 million employees are now on the payroll because of the PPP. Their employers were able to sustain, retool, diversify, or sometimes even expand their operations that are rebounding us into a post-Covid-19 economy. With 700,000 jobs for African American workers added in the last two months; Hispanic employment up by 1.5 million jobs, and 3 million for women, the PPP as part of the CARES ACT (Coronavirus Aid, Relief, and Economic Security) can be credited for a recovery beckoning to leave no one behind.
Thanks to our nation's lenders (5,455), we have facilitated over 4. 9 million in loans for an average size of $104,682, for a value of record value of $518 million.
On July 4th, President Donald J. Trump, with collaborating bipartisan support from Congress, Treasury Secretary Steven Mnuchin, and SBA Administrator Jovita Carranza signed in law an extension of the PPP deadline to August 8th. This lifeline gives those businesses who need more time to access the remaining $132,189,028,196.
Visit SBA for more details of the PPP and a complete listing of other Covid-19 resources for small businesses including a list of PPP participating lenders.