Paycheck Protection Program loans could be become grants

PIERRE, S.D. (WNAX) – Over 19,000 businesses in South Dakota were able to get a “Paycheck Protection Program” loan from the Small Business Administration.

State Bankers Association President Curt Everson says many of those loans could be turned into grants.

Everson says the follow through for many businesses could be difficult.

Everson says some businesses may have to pay the money back if they can’t qualify.

Total loan volume in South Dakota under the program was almost $1.6 billion.