The Dispatch
When the COVID-19 pandemic hit, some of those who were most affected were businesses, especially restaurants, retailers, and other independently-owned businesses.
The Paycheck Protection Program is a federal program that provided businesses with two rounds of low-interest loans to cover payroll expenses in an effort to keep employers from laying off their workers.
Here is a breakdown of how much money was given to businesses in Davidson County and how many jobs were saved.
How many loans were given, and how many jobs were retained?
Businesses in Davidson County received a total of 1,451 loans leading to a reported 15,107 jobs retained and between $114 and $215 million in funding through the Payroll Protection Program.
PPP loans are closing soon. Here's how to secure funding before its gone. thetimesnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thetimesnews.com Daily Mail and Mail on Sunday newspapers.
Small business owners’ window of opportunity to secure Paycheck Protection Program (PPP) funding is closing quickly.
The program has nearly run out of money and applications are now limited to community financial institutions.
PPP loans were established at the height of the pandemic in 2020 and, as of May 17, $788 billion in forgivable loans had been granted to 11.1 million applicants.
In December, Congress renewed the program with a $292 billion allocation, expanded the list of eligible applicants, and allowed some businesses to return for a second round of funding. When the program was set to expire in March, lawmakers extended the deadline to May 31.