ST. LOUIS — Almost $248 billion of the $350 billion authorized by the federal government's Paycheck Protection Program had been approved for small business borrowers as of Monday, including $6.4 billion in Missouri and $12.5 billion in Illinois.
In Missouri, 34,088 loans have been approved; in Illinois, 44,453 loans have been approved, according to a report from the Small Business Administration obtained by the Boston Business Journal, a sister paper to the St. Louis Business Journal.
The SBA administers the PPP program, which is designed to mitigate financial hardship due to the coronavirus.
Nationally, slightly more than 1 million loans totaling more than $247 billion have been approved at 4,664 lenders, according to the report.
St. Louis area lenders have told the Business Journal that they have been swamped with applications. "The first few days we were receiving three applications every minute," said Scott Goodman, president of Enterprise Bank & Trust. "Literally within the first few minutes of posting our application on our website, we had clients submitting their requests. The volume of loans being processed is an incredible undertaking."
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