As of Friday, May 1, the Paycheck Protection Program’s Round Two of funding provided Ohio businesses with almost $5 billion more in federal assistance. We have previously provided details about the Paycheck Protection Program and how it can be helpful to you and your business.
The U.S. Small Business Administration had intended this round to focus much more on small businesses. The average PPP loan size during the second round has dropped from $206,000 to $111,000, SBA officials said last Tuesday. More than 85% of the loans have been under $150,000.
Before the initial funding for the program ran out, Ohio businesses had been approved for over $14 billion in federal funding. This assistance has been necessary during these unprecedented times where many Ohio businesses have had to temporarily close in an effort to slow the spread of COVID-19.
Starting this week, many Ohio businesses will be able to reopen with guidance provided by Governor DeWine and his administration with more industries to open in the weeks ahead. It is through programs such as the Paycheck Protection Program that we are hopeful that Ohio businesses will be able to withstand the interruption to our economy that this global pandemic has done.