Local Bank Gave Out Small Business Loans Until Money Ran Out

A bank on the Grand Strand helped small businesses until money ran out. As coronavirus cases in South Carolina rise to nearly 4,000, and deaths increase to 109, local businesses are suffering in unimaginable ways. And now the Small Business Administration has announced they’ve run out of money for the Paycheck Protection Program, a coronavirus-relief fund which was made up of $350 billion. CEO of South Atlantic Bank, Wayne Wicker, said they approved nearly 650 loan applications worth $75 million before running out yesterday morning. He added they are looking at receiving another round of funding but this is unlike anything he’s ever seen in his life.