Over the past few weeks, companies across the U.S. have been frantically pulling together information and filling out applications with the hope of being awarded a piece of the initial $349 billion Paycheck Protection Program (PPP) loan pie. Now that the window for the first round of loans has closed – the Small Business Administration ceased accepting applications on April 16 – where does everyone stand?
Ultimately throughout the country, approximately $342.3 billion of loans were issued to 1.66 borrowers. Pennsylvania ranks in the top 10 nationwide in both number of loans and dollars received, with the manufacturing industry receiving approximately 12%.
Many companies, though, were not fortunate to receive the funding, an additional $310 billion has been approved by the Senate for the PPP, which is subject to approval of the House of Representatives. If your company missed out on the first round, a second round should not be too far off. Where ever you’re at in the process, remember that Schneider Downs is here to help you with any questions you have along the way!
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