Indiana banks helped small businesses secure $7.5 billion in coronavirus relief through the now-depleted federal Paycheck Protection Program, the Indiana Bankers Association announced Friday.
That $7.5 billion represents 35,990 individual loans.
The Paycheck Protection Program, backed by the Small Business Administration, provides forgivable loans that businesses can use for payroll, rent, mortgage interest or utility expenses. The loans are part of the federal Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, which earmarked more than $2 trillion in aid.
Applications are no longer being accepted for the Paycheck Protection Program because its initial funding of $350 billion was depleted this week and Congress has not agreed to additional funding.
According to the Small Business Association, a total of 4,975 lenders nationwide secured 1.67 million loans for clients.
Borrowers qualified for loans of up to $10 million each, based on the size of their payrolls. Nationwide, the SBA says, 74% of loans were in amount of $150,000 or less. The average loan size overall was $206,000.
The five industries securing the most loan money nationally were:
Construction—13.12% of total loan dollars, or $44.9 billion
Professional, scientific and technical services—12.65% of total loans, or $43.3 billion
Manufacturing—11.96% of total loans, or $40.9 billion
Healthcare and social assistance—11.65% of total loans, or $39.9 billion
Accommodation and food services—8.91% of total loans, or $30.5 billion