Through the Paycheck Protection Program (PPP), President Trump and his administration have kept our workforce strong during the COVID-19 pandemic. The forgivable loans provide small businesses the vital funding they need to stay open and keep employees on the payroll.
With the rollout of this program, nearly 5 million loans have been approved totaling approximately $520 billion. Access to capital has supported 51 million jobs:
- 5 million jobs in Texas
- 2 million jobs in Florida
- 8 million jobs in Pennsylvania
- 9 million jobs in Ohio
- 6 million jobs in Michigan
- 5 million jobs in Georgia
- 2 million jobs in North Carolina.
The jobs supported through PPP loans have accounted for 84 percent of small business employees across the country.
With two-thirds of the loans being for $50,000 or less, it’s evident this program is helping lift up businesses that need it most.
Moreover, $117 billion in loans has been for businesses in Historically Underutilized Business zones supporting 13 million jobs. Nearly $80 billion in loans went to rural communities, supporting 12 million jobs.
Throughout COVID-19, President Trump has prioritized the health and safety of Americans while ensuring our businesses are there for the reopening of the economy.