SBA Publishes Report on Second Round of Paycheck Protection Program Loan Approvals
The Small Business Administration published a report on the second round of approved loans, by state, through the Paycheck Protection Program (PPP). The report is for the period between April 27th through May 1st, 2020. Unfortunately, the SBA did not include a breakdown by industry, as it did in their report through April 16, 2020, for the first round of PPP.
What we did find of interest is the average loan size decreased significantly during the second round. The average approved loan was $79,000 compared to $206,000 in the first round. The second round also shows a significant portion of approved dollars were for loans under $150,000. During the week of April 27 through May 1, 2020, 1,993,002 loans under $150K were approved compared to 1,229,903 in the first round.
Another item we found of interest is in the first round, over 70% of the loans were under $2M. In the second round, 84% of the loans were under $2M.
To read the complete report for Round 2 of the Paycheck Protection Program by state, loan size and lender, click here.
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