SBA approves billions in loans for tri-state businesses

As businesses continue to face adversity during the COVID-19 crisis, the SBA has been actively distributing funds through the Paycheck Protection Program (PPP), which authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis.

Newly released numbers show the distribution of funds by state through April 13.

• In Alabama, 19,244 loans have been funded for a total of $3,819,600,518.
• In Florida, 52,021 loans have been funded for a total of $12,656,107,018.
• In Georgia, 29,423 loans have been funded for a total of $6,725,718,213.

See the full breakdown here.

All loan terms will be the same for everyone, and all businesses may apply for the loans. That includes nonprofits, veterans organizations, tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – with 500 or fewer employees. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries.