Paycheck Protection Program Assists Over 230,000 New England Small Businesses

Lisa Scails | May 26, 2020

The SBA recently released an updated Paycheck Protection Program (PPP) Report detailing total data from both rounds of PPP funding through May 16.
The following is a summary of all available PPP data for states in the SBA New England Region:

Wendell G. Davis, New England Regional Administrator, U.S. Small Business Administration

The U.S. Small Business Administration has approved over $28 billion to New England small businesses through the Paycheck Protection Program (PPP), with more than 233,000 small businesses receiving loan approvals.

The Paycheck Protection Program is saving jobs and providing much-needed relief to help New England’s small businesses make it through this challenging time.

Approximately 5,500 lenders have teamed up with the SBA to provide more than $500 billion dollars to small businesses across the country. This includes businesses in construction, manufacturing, food and hospitality services, health care, agriculture, and retail, among many others.

The PPP provides a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive PPP loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

More Than $100 Billion in PPP Funds Still Available for Small Businesses

If you are looking for support for your small business, PPP funds are still available. These funds are for small businesses, sole proprietors, independent contractors, self-employed persons, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, and Tribal businesses.

Find a lender to apply for this forgivable loan: PPP Lender Finder
Find out more about the program at: Paycheck Protection Program
Reach out to your local district office for more information: