WASHINGTON — The U.S. Small Business Administration announced its Paycheck Protection Program has approved 1,035,086 loans for a total amount of $247,543,393,521 through 4,664 participating lenders nationwide.

Seventy percent of the loans approved were for amounts under $150,000.

In the Commonwealth of Pennsylvania, 36,604 loans were approved for $9,910,549,957, placing Pennsylvania in the top 10 states based on both loan dollars and the total number of loans made since the PPP began accepting applications.

Part of the CARES Act, the Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

Borrowers can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. Borrowers should consult with their local lender as to whether it is participating in the program.