As funds backing the Paycheck Protection Program dwindle, locally headquartered NexTier already has approved $81 million in loans.

The $2.2 trillion coronavirus stimulus bill approved by Congress set aside $349 billion for the program, which is managed by the U.S. Small Business Administration.

The application period opened last week.

As of Monday, NexTier has approved 466 loans valued at $81 million throughout its 29 branches in four counties, according to Maria Amoruso, the bank's chief marketing officer.

All of the loans also have been approved by the SBA.

“Small business is so important for small communities,” Amoruso said. “These loans are really helping these businesses survive.”

The program is available until June 30, but many media reports and some national economic advisers have said funding for the stimulus package may run out as early as Friday.

Amoruso said the data collected spans from Monday back to 5 p.m. Thursday when NexTier received access to SBA's portal. She said employees worked from home over the weekend to process as many applications as they could.

This is an excerpt from a larger article that will appear in Tuesday's Butler Eagle. Subscribe online or in print to read the full article and learn more about the program.