Businesses are receiving PPP loans

KELOLAND.com Original

SIOUX FALLS, S.D. (KELO) — Companies are going through financial hardships during the COVID-19 pandemic with many having to reduce staff, limit hours and close their doors indefinitely.

The Small Business Administration is awarding loans to businesses with fewer than 500 employees through the Paycheck Protection Program. SBA provides a loan to the business to keep workers on the payroll.

We took a look at how the PPP works in a KELOLAND.com Original.

The first round of PPP has already been completed, but the second round was just approved by President Donald Trump.

In a statement sent via email, the Small Business Administration said they will resume accepting PPP loan applications on Monday, April 27 at 10:30 a.m. EDT from approved lenders on behalf of any eligible borrower. This will ensure that SBA has properly coded the system to account for changes made by the legislation.

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.

Some organizations have already applied and received the loans. The following information includes publicly-traded companies that received PPP based on data from FactSquared and SEC filings.

This chart was created April 24, 2020, and does not reflect any changes made after that date.

You can apply and learn more about the loans on SBA’s website.

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