Virginia small businesses have received $12.7 Billion in Federal relief

RICHMOND, Va. (AP)- Federal data shows that more than 86,000 loans totaling $12.7 billion have been approved for small businesses in Virginia for relief amid the coronavirus pandemic.

Figures obtained by The Richmond Times-Dispatch show that about 40,370 loans totaling $8.72 billion were approved for Virginia businesses during the U.S. Small Business Administration’s first round of Paycheck Protection Program funding.

SBA data shows that during the ongoing second round, about 46,370 additional loans totaling more than $3.97 billion were approved.

The Paycheck Protection Program was created to distribute forgivable emergency loans to small businesses to help keep workers on the job and bills paid on time.