Paycheck Protection Program: NC Approved Loans and Dollars
By: Thomas A. Stith III, District Director, NC District Office
In wake of the COVID-19 disaster declaration, the SBA North Carolina District Office has been working tirelessly to ensure details regarding SBA’s disaster assistance programs are distributed to the citizens of North Carolina.
Please take this opportunity to review the below message regarding the Paycheck Protection Program.
On April 3, 2020 SBA approved lenders were able to start processing loan applications under the Paycheck Protection Program (PPP). The PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The SBA will forgive these loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
As of April 13, 2020 more than 1 million loans have been approved nationally for a total of almost $248 billion.
In North Carolina, 23,786 loans have been authorized resulting in the approval of more than $5.7 billion.
The NC Military Business Center, the NC Community College System, and the State of North Carolina do not officially endorse events. These items are posted strictly for the information and convenience of NCMBC customers.