State officials have approved 80 bridge loans through the Quick Action Loan Guaranty Program, with $1.7 million going out to help businesses facing financial hardship during the COVID-19 pandemic, Gov. Asa Hutchinson said Saturday (April 4).
Gov. Hutchinson announced March 20 that $4 million from the Governor’s Quick Action Closing Fund – created to provide cash incentives for businesses expanding or locating operations in Arkansas – would be set aside to support bridge loans to small businesses that need help making payroll and pay other essential costs. The loans can be up to $250,000. Attorney General Leslie Rutledge released $3 million from a settlement fund to add to the $4 million.
The governor also said during the Saturday press conference that $10 million in grants have been made to rural hospitals that have been hard hit by the COVID-19 response. The funds often help the smaller hospitals make payroll, Gov. Hutchinson said.
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