South Dakota banks loan out more than $1.6 billion

YANKTON, S.D. (WNAX) – Congress authorized $350 billion for the Paycheck Protection Program in early April and that money was all loaned out in about two weeks.

Congress then authorized another $300 billion in late April.

Rob Stephenson, President and C.E.O. of First Dakota National Bank in Yankton says all of their customers that applied for the loans have gotten their money.

The loans are designed to help businesses hang on to their employees while they are shut due to the pandemic.

Stephenson says demand slowed down rapidly.

Banks in South Dakota loaned out over $1.6 billion. Stephenson says they were very active in the program.

About 20,000 businesses across the state got the forgivable loans.