RICHMOND, Va. (AP)- Federal data shows that more than 86,000 loans totaling $12.7 billion have been approved for small businesses in Virginia for relief amid the coronavirus pandemic.
Figures obtained by The Richmond Times-Dispatch show that about 40,370 loans totaling $8.72 billion were approved for Virginia businesses during the U.S. Small Business Administration’s first round of Paycheck Protection Program funding.
Some local businesses in Cape Charles have received payroll/employee retention funds of over 60k.
SBA data shows that during the ongoing second round, about 46,370 additional loans totaling more than $3.97 billion were approved.
The Paycheck Protection Program was created to distribute forgivable emergency loans to small businesses to help keep workers on the job and bills paid on time.