In a flash poll of Kankakee County lenders on Monday, the Economic Alliance learned that in the federal Paycheck Protection Program’s initial $350 billion round of emergency funding, more than 1,500 regional businesses were served, with approved loans totaling more than $260 million. According to those polled, the majority of businesses had already received a disbursement. In this initial round, businesses served employ more than 30,000 individuals.
The Economic Alliance works diligently to report in a timely manner on things like local business expansion, new business development, new and enhanced development incentives, economic news and other items of interest to our community investors and investor prospects.
The U.S. Small Business Administration’s new programs to help businesses stabilize during the COVID-19 pandemic have brought a number of new issues, questions and frustrations to business owners around the country. The programs were being revised almost hourly prior to their recent launch. We break down some of the frequently asked questions about the Payroll Protection Program (PPP) here.