The U.S Small Business Administration (“SBA”) issued a new Paycheck Protection Program (“PPP”) report, providing information on the second round of PPP loan approvals from April 27, 2020 through May 1, 2020.
- Over 2.2 million loans have been approved, totaling more than $175 billion, since lenders resumed accepting loan applications on April 27.
- Over 5,400 banks, lenders and other financial institutions have participated in sourcing loans (more than 5,200 of these lenders were institutions with less than $10 billion in assets).
- Over 164,000 loans, totaling close to $18 billion, have been approved in the second round of PPP loan approvals for small businesses across New York State. Only the state of California (over $33 billion) had had more loans, in terms of dollars approved since April 27.
- The overall average loan size approved in the second round is $79,000.
See the full report below or on the SBA website here
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For additional information on the Paycheck Protection Program and other Federal, state and local relief measures, please visit our COVID-19 Resource Center on our website. If you have any questions, please contact your Tronconi Segarra & Associates advisor or a member of our response team at covid19team@tsacpa.com
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