Montana Public Radio

Paycheck Protection Program

Paycheck protection program loan for small business forgiveness application.
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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. 

Paycheck Protection Program's Funds Exhausted

May 5, 2021

The Paycheck Protection Program that’s given aid to businesses during the pandemic has run out of funding, according to the U.S. Small Business Administration. The SBA will continue to fund already approved PPP applications.

The PPP provided Montana small businesses with nearly 42,000 loans totaling $2.5 billion since the start of the coronavirus pandemic. The loans helped cover workers' paychecks during the COVID-19 related economic downturn and mandated shutdowns.

Nearly 9,000 loans have been approved for small businesses, nonprofits and faith based organizations in Montana so far this year through the second round of the Paycheck Protection Program.

The U.S. Small Business Administration’s most recent report shows nearly $126 billion worth of PPP loans had been approved nationwide through Monday. Nearly $465 million from the forgivable loan program 2.0 has gone to Montana.

Nearly 2,400 loans have been approved for small businesses, nonprofits and faith based organizations in Montana through the second round of the Paycheck Protection Program.

The U.S. Small Business Administration’s most recent report shows more than $35 billion worth of PPP loans had been approved nationwide as of January 24. Nearly $160 million of that went to Montana.

Paycheck protection program loan for small business forgiveness application.
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The Paycheck Protection Program reopened Friday with a more finessed approach, as small business optimism is waning.

Megan Myscofski

It’s been a rough year for Montana’s small businesses and more help could be on the way, packaged in Congress’ latest COVID-19 relief bill that's headed to President Donald Trump's desk. But that relief will look different in this round of aid and some programs that helped businesses stay afloat might not continue into the new year.

After a months-long impasse, Montana senators Jon Tester and Steve Daines both say Congress should broker a deal on a new coronavirus relief package, but it’s not yet clear if they’ll agree on what a final package should look like. Renewed calls for a deal come as Montana assigns its final dollars from the last federal aid package. 

Agricultural economists project Montana’s farmers and ranchers will receive more than $535 million in government payments by the end of this year. That’s a 65 percent jump over 2019.

Kate Fuller is an associate professor in the Department of Agricultural Economics and Economics at Montana State University.

A barber, a restaurant owner and a hot tub store president: Those were among the small business owners in Bozeman who shared stories with state and federal officials this week as Congress debates the next round of economic aid during the pandemic.

The U.S. Small Business Administration (SBA) met with nearly a dozen business owners across the state to get feedback on how past relief packages worked out.

In downtown Bozeman, masked servers take orders at Backcountry Burger Bar for carrot quinoa salads and burgers with sriracha aioli.

Hay bales in a field.
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As Congress prepares to debate another stimulus package to prop up the economy amid the coronavirus pandemic, farmers and ranchers are lobbying for more help.

Inside a farm shop southeast of Great Falls Wednesday industry representatives met with federal agriculture department Under Secretary Bill Northey and U.S. Sen. Steve Daines to voice their concerns.

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