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Loans surge over 1 year of pandemic, tying financial institutions to local businesses – The Wellsboro Gazette

Amid the pandemic, community banks, credit unions, and other financial institutions distributed Paycheck Protection Program (PPP) loans to countless small businesses.Enacted as part of the CARES Act and later replenished due to its success, the Paycheck Protection Program was a tremendous asset to small businesses across the country and to the workers it was intended to keep employed. Between April 3, 2020, and May 31, 2021, financial institutions distributed more than 11.8 million PPP loans totaling nearly $800 billion through the Small Business Administration (SBA).Congressman Fred Keller introduced legislation to honor these contributions. Commenting on the resolution, Keller said, “The onset of …

 

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