North Carolina PPP Payouts by The Numbers
Paycheck Protection Program:
NC Approved Loans and Dollars
On April 3, 2020, SBA approved lenders were able to start processing loan applications under the Paycheck Protection Program (PPP). The PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The SBA will forgive these loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
As of April 13, 2020, more than 1 million loans have been approved nationally for a total of almost $248 billion.