Jun 2, 2021 | 8:50 AM
The Paycheck Protection Program has provided over $798 billion in economic relief to small businesses and nonprofits across the United States to keep employees working and to help businesses come back stronger as the COVID-19 pandemic begins to slow down.
According to
SBA South Dakota District Director Jaime Wood, statewide participation in the 2021 PPP round nearly doubled that of the 2020 cycle.
“Nearly 41,000 PPP loans were approved in 2021 compared to 23,000 in 2020, demonstrating the residual economic impact as the pandemic progressed,” said Wood. “Since April 2020, PPP provided $2.7 billion of capital infusion to SD small businesses and non-profits.”
Wood added the program success is highly attributed to the strong small business ecosystem across the state including the close relationship SBA partner lenders have with small businesses.
Pierre, SD, USA / DRGNews
Jan 14, 2021 12:23 PM
The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications tomorrow (Jan. 15, 2021) at 9am EST/8am CST. The portal will fully open Tuesday (Jan. 19, 2021) to all participating PPP lenders to submit First and Second Draw loan applications to SBA.
Earlier in the week, SBA granted dedicated PPP access to Community Financial Institutions (CFIs) which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries as part of the agency’s ongoing efforts to reach underserved and minority small businesses.