NORTH CAROLINA — When everything was calculated, the $349 billion dole-out of federal money to small businesses was exhausted in less than two weeks.
And North Carolina businesses fared reasonably well.
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A report from the U.S. Small Business Administration shows 39,520 Tar Heel businesses were approved to receive about $8 billion from the Paycheck Protection Program (PPP). That amounts to an average of about $202,400 for every business.
Not every business has received the money, as following the receipt of SBA E-Tran number — which essentially is a green light from the federal agency — lenders will have to prepare the loan documents for the borrower to sign before the money is sent through a wire transfer.
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Among those who already have received the money, some businesses are not sure on how to spend that money over the next eight weeks to get the loan amount forgiven.
There were 11,324 South Carolina businesses approved to receive about $1.4 billion from the PPP.
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