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.

According to NexTier figures, 90 loans at a combined value of about $20 million have been closed and funded to the borrower; 71 loans are awaiting signatures, which could happen Tuesday; and 92 applications remain in underwriting which are not reflected in the $81 million total.

“They've done a fantastic job getting this done and getting these applications done for the community,” Amoruso said. “I think our primary objective right now is to get the actual dollars into customers' accounts or to the handful of noncustomers who applied through us.”

NexTier's wave of approvals stands in line with a nationwide trend of small-business owners vying for the loans.

According to a Forbes report, as of Monday morning the SBA had approved 880,000 applications for a total of $217 billion. The article cited figures provided by SBA to Forbes.

The loan's forgiveness features may have played into the immediate surge of applications.

According to SBA's website, the loan will be forgiven for companies if all its employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

Amoruso said small-business owners realized early that these initial funds would not last and reacted quickly.

“I think we've had the large surge up front,” Amoruso said. “I think even the small businesses were concerned about funds running out.”

She said she believes the federal government will expand the program in the coming weeks. While there likely will not be another surge like they saw at the program's start, Amoruso said she expects a steady stream of applications.

Not all financial institutions are participating in the federal program, but NexTier is, and staff worked over a holiday weekend to help businesses in need.

“I don't think we ever discussed the possibility of not participating in this,” Amoruso said. “We were going to be a part of this program in one way or another.”