RAPID CITY (AP) – South Dakota lenders have made $1.6 billion in U.S. Small Business Administration loans as economic fallout from the coronavirus outbreak takes its toll.
The lenders approved more than 21,000 Paycheck Protection Program loans. The program was created by the CARES Act and began approving forgivable loans on April 3 to small businesses affected by the pandemic so they could keep their employees on the payroll and cover operational costs.
The Rapid City Journal reports the volume of loans approved over nine weeks is equal to 18 years of annual SBA loan approvals in South Dakota that would have been made in normal circumstances.
Last fiscal year, South Dakota lenders made about $90 million in SBA-guaranteed loans.
The current Paycheck Protection Program loans are available to South Dakota’s small businesses through local community lenders until June 30.
