(FOX 9) - The U.S. Small Business Administration issued nearly $2.2 billion in loans for Minnesota small businesses during the second round of funding through the Paycheck Protection Program.
The second round of funding came after the SBA sent out more than $9 billion in loans in the first round of funding that was quickly absorbed in the midst of the COVID-19 pandemic.
So far, the SBA's Great Lakes Region office says the federal government has issued a total of 83,650 loans in both rounds of the program, for a total of $11.2 billion in funding.
Nationally, the average loan size was $79,000. The program was set up earlier this year to help struggling small businesses with 500 fewer employees.
The loans are forgivable, as long as 75 percent of the money goes to payroll.
However, when the program launched, it faced scrunity. Some business owners said they were left waiting in line as larger businesses got priority from banks.
SBA leaders promised the second round of funding would go smoother. https://www.fox9.com/news/take-two-for-paycheck-protection-program