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For Helena restaurant and inn co-owner Paul Mabie, federal Covid-relief loans probably saved his businesses, which launched just months before the pandemic began in early 2020.
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The Paycheck Protection Program that’s given aid to businesses during the pandemic has run out of funding, according to the U.S. Small Business Administration. The SBA will continue to fund already approved PPP applications.
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PPP provided Montana small businesses with nearly 42,000 loans totaling $2.5 billion since the start of the coronavirus pandemic. The loans helped cover workers paychecks during the COVID-19 related economic downturn and mandated shutdowns. I think in light of this announcement of the PPP funding being exhausted or nearly exhausted, that if you are still seeking a PPP loan it would behoove you to apply for one of those right away through one of these Community Financial Institutions, says Brent Donnelly, Montana district director for the SBA.