Paycheque Protection Program Ends As Funding Runs Out
The federal program to help small businesses stay afloat during the COVID-19 pandemic ended last week. The paycheck protection program stopped accepting applications on Friday when its funding dried up.
According to the latest data from the Montana Department of Labor and Industry, more than 20,000 Montanais have filed for unemployment at the end of last month. That figure was released just days before the third and final round of the Small Business Administration’s Paycheck Protection Program, closed to new applicants.
The PPP provided Montana small businesses with over 47,000 loans totaling $ 2.6 billion since the start of the coronavirus pandemic. The loans have helped cover workers’ paychecks during the COVID-19 economic downturn and mandatory shutdowns.
As of May 31, the SBA had nationally approved 11.8 million PPP loans totaling more than $ 799 billion.
The Restaurant Revitalization Fund application period also ended one month after its launch. The Small Business Administration has received more than 300,000 applications nationwide, requesting more than $ 75 billion from a program with only $ 28.6 billion in funding available. These requests are being processed.
Small business owners looking for another source of relief funding still have an option available to them.
The economic disaster of the SBA Loan application portal remains open and the maximum loan amount has been raised to half a million dollars. Montana Economic disaster loan aid, including loans and advances, amounts to nearly $ 635 million.