Wyoming Small Business Owners Receive $837 Million in Payroll Loans

Wyoming Small Business Owners Receive $837 Million in Payroll Loans

ROCK SPRINGS — According to a Small Business Administrative report, Wyoming’s small businesses will receive more than $837 million in emergency loans.

As of April 16, the SBA approved 7,618 Payback Protection Program loans in Wyoming for a total of $837,018,372. The report states the average loan nationwide is about $206,000. The SBA loans are meant to help businesses keep their workforce employed during the COVID-19 Coronavirus pandemic.

The SBA website states, “the PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.” Under this program, the SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

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United States Small Business Administration Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin released a joint statement April 17.

“The Treasury Department and SBA launched the unprecedented Paycheck Protection Program in just one week. Following its launch, the SBA processed more than 14 years’ worth of loans in less than 14 days, which will protect a vast number of American jobs.”

As of April 16, the U.S. Small Business Administration is reporting Wyoming has 7,618 PPP loans approved for about $837 million. Graph from the SBA

According to the release, the lenders began processing the loan applications on April 3; and since then, the PPP has provided payroll assistance to over 1.6 million small businesses in all 50 states and in U.S. territories. Nearly 5,000 lenders, including community banks and credit unions, participated in this program.

The PPP has provided funds to a wide variety of industries, including construction, manufacturing, food and hospitality services, health care, agriculture, and retail. The release states, the vast majority of these loans, about 74 percent of them, were for under $150,000, demonstrating the accessibility of this program to even the smallest of small businesses.

To learn more about the program visit the SBA website. To review the report click here.


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