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