The Small Business Administration (SBA) on Monday released data on loans granted thus far under the Paycheck Protection Program (PPP), a major aspect of the federal CARES Act intended to provide relief to American small businesses amid the COVID-19 pandemic.
The latest report released from the SBA revealed that 65,806 PPP loans totaling almost $6.2 billion have been issued to small businesses in the Yellowhammer State as of June 30.
Additionally, the SBA unveiled that these PPP loans have supported 700,000 jobs in Alabama and covered 82% of the state’s small business payroll.
A total of $1.98 billion in Alabama PPP loans were issued to small businesses in federally-designated HUBZones, a program by SBA designed to fuel growth in historically underutilized business zones.
Traditional banks issued by far the most PPP loans across the nation, accounting for $496.7 billion in loans that supported 48,318,437 American jobs as of June 30; the next most prevalent lender were credit unions, which issued $9.7 billion in PPP loans that supported 1,183,012 jobs.
The SBA has released the name of every small business granted a PPP loan of $150,000 or more; the details of all PPP loans granted for less than that amount were also released, just without the corresponding business name. You can view all the data here.
Recent changes have simplified the process for obtaining a PPP loan and having it forgiven. Approximately $130 billion in funding remains available nationwide for allocation, and the application deadline was just extended to August 8. You can apply here.
The PPP is not the only federal relief program available for small businesses.
The Economic Injury Disaster Loan program is also currently accepting applications.
The EIDL Advance provides a $1,000 grant per employee (up to $10,000 total). Loans through the EIDL program are capped at $150,000 and are obtained directly from the SBA. The deadline for applying for this long-term, low-interest loan is December 31. You can apply here.
A total of $924 million in EIDL funding has been provided to 15,141 small businesses in Alabama as of June 12.
Sean Ross is the editor of Yellowhammer News. You can follow him on Twitter @sean_yhn