Paycheck Protection Program

North Dakota District Office - April 17, 2020

u s small business administration

Statement from Secretary Steven T. Mnuchin and Administrator Jovita Carranza on the Success of the Paycheck Protection Program

WASHINGTON – Today, U.S. Small Business Administration Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement regarding the success of the Paycheck Protection Program (PPP):

“The Treasury Department and SBA launched the unprecedented Paycheck Protection Program in just one week.  Following its launch, the SBA processed more than 14 years’ worth of loans in less than 14 days, which will protect a vast number of American jobs. 

“The PPP enjoyed broad-based participation across the country from lenders of all sizes and a wide array of industries and businesses.  From its start on April 3, PPP provided payroll assistance to more than 1.6 million small businesses in all 50 states and territories.  Nearly 5,000 lenders participated in this critical program, including significant lending by community banks and credit unions.  Nearly 20% of the amount approved was processed by lenders with less than $1 billion in assets, and approximately 60% of the loans were approved by banks with $10 billion of assets or less. No lender accounted for more than 5% of the total dollar amount of the program.

“The vast majority of these loans—74% of them—were for under $150,000, demonstrating the accessibility of this program to even the smallest of small businesses.

“The PPP provided funds to a wide variety of industries in all sectors of the economy, including construction, manufacturing, food and hospitality services, health care, agriculture, and retail, among many others.  This demonstrates the broad diversity of PPP and its support for American workers across the board. 

“The Paycheck Protection program is saving millions of American jobs and helping small businesses get through this challenging time.  We urge Congress to protect millions more American workers and their families by appropriating additional funding to support PPP.”

Click HERE to view the data.

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The Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) programs are saving millions of jobs, providing much-needed relief, and helping America’s small businesses make it through this challenging time. North Dakota lenders have approved 11,002 PPP loans for more than $1.5 billion.

As of yesterday morning, the SBA is unable to accept new applications for the PPP based on available appropriations funding

Also, the SBA is unable to accept new applications at this time for the EIDL COVID-19 related assistance program, including EIDL Advances, based on available appropriations funding. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. 

Additional Resources for Small Businesses

The SBA and local partners are committed to help small businesses recover from the economic impact of COVID-19. The following are additional resources for small businesses:


Beware of Scams

SBA’s Office of Inspector General is alerting the public about potential fraud schemes related to economic stimulus programs offered by the SBA in response to the COVID-19 pandemic. Be on the lookout for grant fraud, loan fraud, and phishing.

  • You will not receive emails from disastercustomerservice@sba.gov regarding the Paycheck Protection Program (PPP).
  • SBA Disaster Customer Service will only contact you regarding EIDL loans that you have applied for; be sure your application number is consistent with any listed in the email.
  • Misspelled words and poor grammar are often giveaways for a phishing email. Be sure to read emails carefully.

Learn More


Upcoming Events


Webinars - How To Manage Your Business Through This Crisis

Research on the effectiveness of organizational responses to dynamic crises indicates that there is one variable which is most predictive of eventual success – preparation and preemption. Preparing for the next crisis (or the next phase of the current crisis) now is likely to be much more effective than an ad-hoc, reactive response when the crisis actually hits. Join the North Dakota Small Business Development Center advisors and SCORE Mentors for this presentation and with live Q&A.

Register for the Tuesday, April 21, 2020 10:00 am CT Webinar


Register for the Wednesday, April 22, 2020 2:00 pm CT Webinar


Business Builders - Fargo Webinar - Understand and Implement the Entrepreneurial Operating System (EOS) with Your Team

Tuesday, April 21, 2020
Online

Do you want to grow your business, increase profits and develop better communications, control and balance? The next Fargo Business Builders webinar will cover the Entrepreneurial Operating System. EOS is a system of methods and practical tools designed to help businesses reach higher performance by directly addressing six key business components. Professional EOS Implementer, Patrick Metzgar, will be providing the overview.

Register for the EOS Webinar