The U.S. Small Business Administration announced Jan. 19 it has approved approximately 60,000 PPP loan applications submitted by nearly 3,000 lenders, for more than $5 billion, between the program’s re-opening Jan. 11 through Jan. 17.
Last week, the PPP provided dedicated access to community financial institutions that specialize in serving underserved communities, including minority-, women- and veteran-owned small businesses from Jan. 11 through Jan. 14, joined Jan. 15 by smaller lenders.
As of Jan. 19, the Paycheck Protection Program is open to all participating lenders.
“The SBA continues to help small businesses across the nation access vital funds through the Paycheck Protection Program. Data from our first week, which first allowed hundreds of community financial institutions to submit applications, then opened wider to small banks, demonstrate that we have helped tens of thousands of businesses,” said SBA Administrator Jovita Carranza.
“The PPP is off to another great start helping our nation’s economy. With PPP reopening [Jan. 19] for all First and Second Draw loan applications, the SBA remains committed to keeping small business workers on payroll and their doors open during this challenging time," Carranza added. "Moreover, the SBA over-performed operationally, issuing guidance and rules in advance and in alignment with the new law’s requirements."
First Draw PPP loans are for those borrowers who have not received a PPP loan before Aug. 8, 2020. The first two PPP rounds...