Nearly 20,000 small businesses in Iowa have been approved to receive funding from the second round of the Small Business Administration’s Paycheck Protection Program, newly released information shows.

Through Friday, 19,997 Iowa small businesses have been approved to receive more than $781.6 million from the program, data posted on the Small Business Administration’s website shows. The average loan size to Iowa businesses in the second round of funding is $39,090.

The $2 trillion federal coronavirus relief package signed into law in late March included about $350 billion for the Paycheck Protection Program, designed to help companies cope with the fallout of the global pandemic. 

The program’s goal is to cover eight weeks of a small business’s payroll expenses, so the business can keep or rehire workers laid off for reasons related to COVID-19.

Money earmarked for the program ran out on April 16. An additional $310 billion was allocated for the program. The SBA on Friday reported that $175.5 billion in loans to 2.2 million of the nation’s small businesses.

During the first round of funding, 29,424 small businesses in Iowa were approved for $4.3 billion in loans.

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