Second round of business loans top 2.2M

WASHINGTON--U.S. Small Business Administration Administrator Jovita Carranza and U.S. Secretary of the Treasury Steven Mnuchin have issued the following statement on the Paycheck Protection Program (PPP), a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll:

"Since round two of PPP loan processing began on April 27, 2.2 million loans have been made to small businesses which surpasses the number of all loans made in PPP round one. The total value of these 2.2 million loans is over $175 billion. Notably, the average loan size in round two is $79,000, yet another indicator that the program is broadly based and assisting the smallest of small businesses."
The statement continues, "Nearly 500,000 of the loans were made by lenders with less than $1 billion in assets and non-banks. These lenders include Community Development Financial Institutions, Certified Development Companies, Microlenders, Farm Credit lending institutions, and FinTechs. Over 850,000 loans--about one third of the 2.2 million loans--were made by lenders with $10 billion of assets or less."
Since the launch of PPP on April 3, the SBA has processed over 3.8 million loans for more than half a trillion dollars.

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