Georgia Chamber Hosts Virtual Overview of Paycheck Protection Program
SBDC State Director Allan Adams unpacks details of this popular federal financial aid initiative
The Georgia Chamber hosted a virtual roundtable featuring University of Georgia Small Business Development Center (SBDC) Director Allan Adams as he unpacked the latest round of small business financial aid through the federal Paycheck Protection Program (PPP). This popular small business resource has delivered over six-million loans through more than 5,000 banking institutions to small businesses throughout the nation for a total of $595 billion in support.
“Creative financial tools like PPP, and its added tax-exemption in this latest round, are precisely what is needed to support small business recovery and restart our economy,” said Chris Clark, President and CEO of the Georgia Chamber. “With a 31% decrease in the number of small businesses open compared to this same time last year, there is a need to bolster this industry sector with some financial support. The work of State Director Adams and our banking institutions have been stellar and are still critical as we work to get our small business economy thriving once again.”
In Georgia, PPP has provided 21,390 loans for a total of $1.3 billion in small business financial aid to support the maintenance and sustainability of small businesses. And small business comprises 99% of the state’s industry according to the Georgia Department of Economic Development. From physician and lawyer offices to full-service restaurants and other personal services, PPP has offered much needed support to the state’s leading industry.
“Small businesses are a critical part of Georgia’s economy and will continue to experience distress until our economy returns to normal functionality,” said SBDC Director Allan Adams. “Careful planning and prudent responses to the current environment will be critical to their survival. There are multiple resources available to assist businesses during this time, including the SBDC, and entrepreneurs should take advantage of those resources as we move toward economic recovery.”
This Roundtable, as well as past virtual programs, will be available on both the Chamber’s YouTube Channel and Podcast in the coming days. To learn more about upcoming events and programs with the Georgia Chamber, visit www.gachamber.com/events.