A press release from the Alabama Bankers Association announced that the Small Business Administration recently completed a study saying that its Paycheck Protection Program has funded almost $248 billion in more than one million loans to small businesses in the nation.
In Alabama 19,244 loans valued at $3.8 billion were made to small businesses, the announcement said. The program is part of the CARES Act, which was signed to provide relief as the coronavirus outbreak affects businesses throughout the country.
“Alabama banks remain hard at work assisting small business owners in keeping Alabamians employed with Paycheck Protection Program loans,” said ABA President and CEO Scott Latham. “According to this latest report, Alabama ranks 21st in the number of PPP loans provided and 22nd in the total value of loans issued.
“Despite challenges with backlogs of applications along with systems delays across the nation, Alabama banks are persevering to provide much needed help to workers all across our state. Small business owners are encouraged to remain in close contact with local bankers to take advantage of this and other opportunities available during this pandemic.”
The SBA report said that loans of $150,000 or less have been made in the country. The top five industries benefiting from the program are: construction; professional, scientific/technical services; manufacturing; health care/social assistance; and accommodation/food services.