The coronavirus pandemic has definitely caused many of our local businesses to feel the financial strain, but many were able to stay afloat thanks to funds from a government program.

The Paycheck Protection Program (often referred to as PPP loans) was a part of the government's $2 trillion rescue package. The Treasury Department says they've handed out over $500 billion through PPP in an effort to support the economy due to shutdowns over the last few months.

On Monday, a report from the Associated Press detailed information on more than 650,000 small businesses that received funds from the Paycheck Protection Program. That number only makes up about 15% of the "nearly 5 million small companies that received loans" because the Treasury only named borrowers that got more than $150,000.

The average loan was $107,000 and businesses can have the amount they borrowed forgiven "if the businesses mostly use the money to continue paying their workers."

According to KATC, around 1,500 local businesses in the Acadiana area were named after receiving more than $150,000 through PPP. You can see the entire list as well as the number of jobs that were reportedly retained as a result HERE.

15 were in the top tier of getting $5-10 million dollars each, reporting they retained between 80 and 500 jobs. The businesses, many related to the oil-industry, included: SLEMCO, Abbeville General Hospital, Acadian Contractors, Kergan Brothers, Conrad Industries, FDF Energy Services, Coil Tubing Partners, Immunotek Bio Centers, Allison Marine Holdings, Reme LLC, Gordon Technologies, Hutco, Gravois Aluminum Boats, Linear Controls, and Analytic Stress Relieving Inc.

The program was set to expire on June 30 but has been extended to August 8. For more information, including what PPP is and how it works, check out the full story via KATC.

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