The PPP loans are meant to help small businesses and nonprofits stay afloat during the COVID-19 pandemic, by funding eight weeks of payroll and certain overhead costs to keep workers in their jobs.
“Upstate New York small businesses have a lifeline in the Paycheck Protection Program,” SBA Syracuse District Director Bernard J. Paprocki said in a statement.
The second round of PPP, which started April 27, has awarded nearly 2.38 million loans worth $181.2 billion, as of close of business on Tuesday, the SBA said.
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The average PPP loan size in round two is currently $76,000, down from $206,000 in the $349 billion first round of the program. This indicates more “mom & pop” businesses are being helped, according to the agency. More than 900,000 of the loans, worth $57.3 billion, were issued by small lenders.
SBA forgives the portion of the loan used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest. Recipients can defer loan payments for one year. Employers have up until June 30 to rehire their recently laid-off employees and must restore and maintain salaries and hours.
“The Paycheck Protection Program is working. Small businesses are keeping their employees on payroll and earning salary,” SBA Atlantic Regional Administrator Steve Bulger contended. He oversees the federal agency’s operations in New York, New Jersey, Puerto Rico, and the U.S. Virgin Islands.
PPP loans have a maturity of two years and an interest rate of 1 percent. Business owners and nonprofit leaders can access the PPP borrower application form here.
