(FOX 9) - The nearly $350 billion dollar federal loan program, the Paycheck Protection Program, maxed out its funding earlier this week. Newly released data shows how much will be going toward small businesses in Minnesota.
According to the U.S. Small Business Administration, 46,383 applications for PPP were approved statewide for $9,014,060,040. SBA leaders say some businesses have already started to receive their money.
"The PPP provided funds to a wide variety of industries in all sectors of the economy, including construction, manufacturing, food and hospitality services, health care, agriculture, and retail, among many others," read a statement from U.S. Treasury Secretary Steven T. Mnuchin. "This demonstrates the broad diversity of PPP and its support for American workers across the board."
While PPP is out of money, officials with the SBA expect Congress to approve new funding soon.