350 Billion federal dollars for Paycheck Protection Program depleted this week

Local News

Mount Pleasant, S.C. – WCBD – Some small businesses may not receive any assistance from the Small Business Administration.

As of Thursday, all $350 billion of the Paycheck Protection Program has been claimed.

It is believed that Congress will approve a second wave of the program totaling $250 billion within the next two weeks.

The paycheck Protection Program started about two weeks ago. There were more than 14,000 applications in the state of South Carolina for more than $2 billion.

This program allows companies to keep their employees on the payroll so when businesses reopen they will still be staffed and able to ramp up business quickly.

Wayne Wicker, CEO of South Atlantic Bank says they were flooded with applications for the program since the day it opened.

“I do think overall across the country it is needed. These larger metropolitan areas probably didn’t get all of the funding that they’d hope to for the customers,” said Wicker.

Many banks are holding on to applications that were not approved and still accepting applications for the possibility of a second round of the program.

“There are some other loan options out there. They’re direct through the SBA so they would have to go online and apply for those online. It’s more of like a disaster fund and there’s a main street program out now as well.”

Wayne Wicker, CEO of South Atlantic Bank

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