More than 30,000 loans for Hoosier businesses have been processed since May 1, totaling $2 billion.
“There’s still money left, over 135 billion dollars that’s left of PPE appropriations from Congress,” Small Business Association Regional Administrator Rob Scott says.
A total of $22.8 billion worth of loans were processed for Region 5, which includes Illinois, Indiana, Michigan, Minnesota and Ohio. Indiana businesses have received 31,757 loans.
To prevent smaller businesses from being shut out of the loan process, Scott says time was set aside for those businesses to apply for the funds.
“So that we can serve those underserved communities in rural America so we can give them complete access,” Scott says.
Scott says government officials are still authoring rules and regulations on how much of the loans are forgivable.
During the first round of funding, Congress allowed 100 percent of the loans to be forgiven if employers paid workers who were furloughed during the pandemic.
It’s unclear how those terms may change as some restaurants and other businesses begin reopening across Indiana.
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