SIOUX FALLS, S.D. (KELO) — The Paycheck Protection Program from the U.S Small Business Administration is available again for new applications from small businesses owners. The deadline for applying is August 8.
The U.S SBA sent out a news releasing recapping what rounds one and two of the ppp looked like. South Dakota has one of the highest ppp approval ratings at 93%.
“We are particularly pleased that 27% of the program’s reach in low and moderate income communities which is in proportion to percentage of population in these areas. The average loan size is approximately $100,000, demonstrating that the program is serving the smallest of businesses,”United States Secretary of the Treasury Steven Mnuchin said in a report online.
The loans given to people in South Dakota come to 22,508. The net dollar amount the state has accumulated from the program is $1,664,208,859. Minnesota’s loan count is at 98,138. The net dollar amount is $11,208,272,990. Iowa’s loan count is 58,466. The net dollar is $5,087,064,565. Nebraska’s loan count is 42,499. The net dollar is at $3,421,713,932.
California has the highest amount of loans given to people at 581,140. The America Samoa Territory has the lowest count of loans at 223.
The top five PPP lenders are JPMorgan Chase Bank, Bank of America, Truist Bank, PNC Bank and Wells Fargo Bank.