The Small Business Administration (SBA) said on May 3 that the agency’s Paycheck Protection Program (PPP) had processed loan applications totaling more than half a trillion dollars since the declaration of the pandemic. of coronavirus in March.
The SBA had processed $ 349 billion in loans as of April 16 as part of the first cycle of loans authorized by the CARES (Coronavirus Aid, Relief, and Economic Security) law.
Subsequent legislation authorized an additional $ 310 billion in loans under the program, and the SBA said yesterday that since processing the second round of applications began on April 27, the agency had granted $ 2.2 million. loans – totaling $ 175 billion – to small businesses. The average loan size in the second round of loans is $ 79,000, the SBA said.
“Since the launch of the PPP on April 3, the SBA has processed more than 3.8 million loans for more than half a trillion dollars in economic support in less than a month,” said the administrator of the SBA Jovita Carranza and Treasury Secretary Steven Mnuchin in a statement.
“The SBA’s systems process loans so lenders can disburse funds quickly. We encourage all eligible lenders to participate and all eligible borrowers who need this assistance to work with an approved lender to apply, ”officials said.
