Hundreds of businesses in the Missoula area were approved for Paycheck Protection Program loans through the United States Department of the Treasury and the Small Business Administration.
The program, part of the $ 2 trillion Cares Act, was designed to give businesses an injection of cash so they could keep employees on payroll and continue to pay rent and expenses during the pandemic-caused shutdown. Earlier this week, the government revealed the names of 660,000 businesses and nonprofits that received at least 150,000 in funding, though that’s less than 15% of the total number of loans. In Missoula, approximately 300 businesses received loans of $ 150,000 or more.
Consumer Direct Holdings, a home health care services company, received between $ 5 million and $ 10 million. They reported that 500 jobs were supported by the loan, which is forgivable if certain requirements are met.