The federal program to help small businesses stay afloat during the COVID-19 pandemic ended last week. The Paycheck Protection Program stopped accepting applications Friday when its funding dried up.
According to the latest data from the Montana Department of Labor and Industry, over 20,000 Montanans filed unemployment claims late last month. That figure was released just days before the third and final round of the Small Business Administration’s Paycheck Protection Program closed to new applicants.
The PPP has provided Montana small businesses with over 47,000 loans totaling $2.6 billion since the start of the coronavirus pandemic. The loans helped cover workers' paychecks during the COVID-19 related economic downturn and mandated shutdowns.
As of May 31, the SBA nationally had approved 11.8 million PPP loans totaling over $799 billion.
The application period for the Restaurant Revitalization Fund has also closed a month after launching. The Small Business Administration received over 300,000 applications nationwide requesting over $75 billion from a program with only $28.6 billion in available funding. Those requests are being processed.
Small business owners looking for another source of relief funding still have an option at their disposal.
The SBA’s Economic Injury Disaster Loan application portal remains open and the maximum loan amount has been increased to half a million dollars. Montana Economic Injury Disaster Loan assistance, including loans and advances, stands at nearly $635 million.