Round 2 PPP Loans to Ohio Businesses Total $4.94B

YOUNGSTOWN, Ohio – Small businesses in Ohio have been approved for $4.94 billion in loans through the second round Paycheck Protection Program.

As of May 8, 66,359 businesses in the state have been approved for the loans, according to the Small Business Administration. Combined with the first round of funding, 126,159 businesses in Ohio have gotten $19.05 billion in funding.

Nationwide, $120 billion in PPP funds are still available. Since the Paycheck Protection Program started April 3, 4.2 million loans have been made, totaling $530 billion.

Across the Great Lakes Region of the federal agency – which also includes Illinois, Indiana, Michigan, Minnesota and Wisconsin – $24.05 billion has been approved in the second round for 347,659 businesses. Overall, 646,558 businesses have been approved for $89.33 billion.

In the second round of funding, Illinois is the leader in both number of businesses funded – 101,905 – and funds approved – $6.97 billion. 

Ohio ranks third in the region both businesses funded and funds approved. Nationwide, the Buckeye State ranks 10th in both categories.

Pennsylvania, meanwhile, has had 81,093 businesses approved for $5.74 billion, ranking sixth in both categories.

The SBA’s full PPP second round report can be read here.

Copyright 2020 The Business Journal, Youngstown, Ohio.