Over 33 Thousand Minnesota Small Businesses Approved for Forgivable Loans
Sen. Tina Smith says more work has to be done to address the funding shortage for loans.
MINNESOTA, As stimulus checks begin rolling out, additional help through forgivable loans have been awarded to over 33,819 Minnesota small businesses as of Monday.
The Paycheck Protection Program (PPP) grants loans to small businesses as part of the Stimulus Package. The loans are forgivable to businesses who retain or rehire their workers.
Senator Tina Smith (D), who helped pass the program, said more work has to be done to address the nationwide funding shortage for the loans, to keep these important businesses afloat.
“It’s really important that we do what we can to help make sure these businesses are able to survive this so they’ll still be there when we come back,” the Senator said. “These are businesses that are peoples’ life’s work, they pour their heart and soul into them and we want to do everything we can to help.”
PPP loans in Minnesota total over $7.6 Billion, making the state the third-highest beneficiary per capita.
Senator Smith said she will continue pushing for improvements to help businesses facing problems with the application progress.