SIOUX FALLS, S.D. (Press Release) – The U.S. Small Business Administration (SBA) South Dakota District Office announced that SD lenders have approved 21,154 Paycheck Protection Program (PPP) loans totaling over $1.6 billion throughout the state. This volume of loan approvals equates to approximately 18 years of annual SBA loan approvals in SD made in less than three months. Last fiscal year, South Dakota lenders made about $90,000,000 in SBA guaranteed loans.
The PPP was created by the Coronavirus, Aid, Relief, and Economic Security Act (CARES Act) and began on April 3, 2020. The PPP provides forgivable loans to small businesses affected by the COVID-19 pandemic to keep their employees on the payroll and help cover specific operational costs.
“The promotion and facilitation of the PPP is a team effort,” said Jaime Wood, SBA South Dakota District Director. “South Dakota’s State Office of Economic Development, local leaders, lenders, entrepreneurial focused community organizations, and SBA resource partners worked closely with the SBA SD team to assist small businesses throughout COVID-19.”
Hundreds of SD lenders continue to participate in the response effort by directly facilitating the SBA PPP loans, to get survival capital into the hands of business owners quickly. Currently, PPP loans remain available to SD small businesses through local community lenders until June 30, 2020.