Nearly 30,000 loans, totaling over $6.7 billion, have been approved through the Paycheck Protection Program (PPP) for Georgia small businesses, Senator Kelly Loeffler (R-Ga.) said.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided $349 billion in emergency funding to help small businesses pay up to eight weeks of payroll costs including benefits.
“The Paycheck Protection Program is a lifeline for millions of small businesses whose day-to-day operations have been disrupted through no fault of their own,” said Senator Loeffler.
“This resource directly supports our job creators and allows them to keep their employees on payroll while making ends meet during these challenging times. Because of the program’s popularity, additional Congressional action must be taken to prevent the PPP from hitting its funding limit and to ensure that businesses and farmers have access to vital capital. They are truly the backbone of our economy, and I’m committed to doing whatever is necessary to help them survive and thrive after this pandemic is over.”
Last week, Senator Loeffler asked the U.S. Department of Treasury and the Small Business Administration to provide clarity on the program to ensure Georgia small businesses and farmers are able to access the relief they need, her office said.