SBA Approves $2B in PPP Loans for Hoosier Businesses

(stock image courtesy: Pixabay/Credit Commerce)

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The U.S. Small Business Administration says the second round of the Paycheck Protection Program has approved approximately $2 billion in forgivable loans for Indiana applicants.

The SBA says that amount accounts for nearly 32,000 loans for small businesses and nonprofits in the Hoosier State since the second round opened on April 27.

The SBA Great Lakes Region has processed nearly 308,000 loans, totaling nearly $23 billion, in the six states that make up the region. Of the six states, Indiana has the overall fewest number of loan applicants.

“In the Great Lakes Region, in one week, we have already surpassed our total first-round PPP loan numbers by nearly 10,000 and loans continue to be processed. Overall, more than $88 billion in emergency capital via the PPP already has been approved to help small businesses and non-profits affected by COVID-19 in the six states,” said SBA’s Great Lakes Regional Administrator Rob Scott.

During the first round, approximately 36,000 entities applied for $7.5 billion in PPP loans.