Round 2 of Paycheck Protection Program

Ohio Businesses Total $18.39B in PPP Funding

YOUNGSTOWN, Ohio – Through both rounds of the Paycheck Protection Program, the Small Business Administration reports 128,316 Ohio businesses have secured a combined $18.39 billion in funding.

As of May 16, the agency said in its weekly report, $135 billion in funding remains. Nationwide, 4,341,145 businesses have been approved for $513.27 billion. There have 5,496 lenders providing PPP loans.

In the Great Lakes Region of the SBA, Ohio ranked No. 2 in total PPP recipients and funding, trailing only Illinois, where 176,819 businesses have received $22.15 billion.

In Pennsylvania, 153,537 businesses have received $20.76 billion through the program.

In the previous weekly report, for loans approved through May 12, the SBA said just over Ohio businesses had received funding totaling $19.05 billion, $666 million more than what was reported this week. 

Similarly, the remaining funding left was reported last week at $120 billion, $15 billion less than what is available currently.

The discrepancy, a spokeswoman for the SBA said, is due to businesses canceling their PPP loans.

The deadline for publicly traded companies to return funds provided through the Paycheck Protection program was May 18. Loans of more than $2 million will be audited, Treasury Secretary Steve Mnuchin said. 

Initially, the SBA required only that small businesses – those with fewer than 500 employees – needed only to certify in good faith that “current economic uncertainty makes the loan necessary to support your ongoing operations.” According to The Washington Post, nearly 300 publicly traded companies received PPP funding, including 43 with more than 500 workers. 

Copyright 2020 The Business Journal, Youngstown, Ohio.