The U.S Small Business Administration (“SBA”) issued an updated Paycheck Protection Program (“PPP”) report, providing information on the second round of PPP loan approvals from April 27, 2020 through May 8, 2020.
- Over 2.5 million loans have been approved, totaling almost $189 billion, since lenders resumed accepting loan applications on April 27, 2020.
- 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 190,000 loans, totaling almost $19 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 $35 billion) had more loans, in terms of dollars approved since April 27, 2020.
- The overall average loan size approved in the second round is $73,000.
See the full report below or on the SBA website here
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This is good news for businesses who have not considered applying for a PPP loan yet, as there is a sizable amount of funding (40%) still available, almost two weeks after the SBA began accepting loan applications again on April 27, 2020. There was a good deal of speculation that the second-round of PPP funding was going to be used up in a matter of days by borrowers, and many small businesses would not be able to access these funds. Eligible businesses should contact their lender or financial institution as soon as possible to inquire about an application.
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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