(CHICAGO, Ill.) — Hoosier businesses have received $2 billion so far from the second round of federal “paycheck protection” loans.
More than one-eighth of Indiana’s half-million small businesses have received loans from the two Paycheck Protection Program bills. Indiana received$7.5 billion in the first round of the program
before it ran out of money and Congress approved a second round.
Businesses who don’t furlough or lay off workers during the pandemic don’t have to repay the loans.
The average Indiana loan in the first week of Round Two was $65,000 — that’s a third of what
the average business got in Round One. Small Business Administration state director Stacey Poynter
says that’s an indicator that more of the loans are going to the smallest, “mom-and-pop” businesses this time around, although there were still about 300 loans of $1 million or more.
Regional administrator Rob Scott says the money may run out again, but it’s lasted longer than expected as loans have gotten smaller. He says the agency has cleared a backlog of requests and has $130 billion left.