$52.2B Approved so Far in Round Two of PPP
YOUNGSTOWN, Ohio – As of Tuesday afternoon, the Small Business Administration has approved 476,000 applications for the second round of funding in the Paycheck Protection Program, with $52.2 billion approved for disbursement.
Once the SBA approves the loan application, it can take up to 10 days for the funds to be moved into an applicant’s account, a spokeswoman with the agency says.
Applications for the second round of funding – with a $310 billion cap – opened Monday at 10:30 a.m.
Small lenders, defined as financial institutions with $10 billion in assets or less, have accounted for 331,000 applications submitted to the federal agency and $29.1 billion in funds approved.
Medium-sized lenders, those with assets between $10 billion and $50 billion, have submitted 84,000 Paycheck Protection Program applications totaling $10.5 billion.
The average loan size is $111,000, a significant drop from the $206,000 average seen in the first round of PPP funding. Most loans – 85% – have been for $150,000 or less.
Copyright 2023 The Business Journal, Youngstown, Ohio.