SALT LAKE CITY, Utah (ABC4 News) – The U.S. Small Business Administration announced the totals for the distribution of the the Paycheck Protection Program shows more smaller businesses were helped during the second round of loans than the first round.
As of May 1, the PPP made 2.2 million loans that totaled more than $175 billion, compared to 1.66 million loans in the first round. The average loan size for the second round was$79,000 compared to the previous loan averages of $206,000.
“These numbers demonstrate that more and smaller businesses are now getting the assistance they need. In one week, round 2 of the PPP was able to help more than 2 million additional small businesses keep fighting through this pandemic. That will truly make a difference in these challenging times,” said SBA Utah District Director Marla Trollan.
In Utah, 21,751 loans have been approved for $1,676,852,890.
The following statement was issued by the SBA Administrator Jovita Carranza and U.S. Secretary of the Treasury Steven T. Mnuchin:
“The Paycheck Protection Program is providing critical support to millions of small businesses and tens of millions of hardworking Americans. Notably, the average loan size in Round 2 is $79,000, yet another indicator that the program is broadly based and assisting the smallest of small businesses.”
“Nearly 500,000 of the loans were made by lenders with less than $1 billion in assets and non-banks. These lenders include Community Development Financial Institutions, Certified Development Companies, Microlenders, Farm Credit lending institutions, and FinTechs. Over 850,000 loans—about one third of the 2.2 million loans—were made by lenders with $10 billion of assets or less.
“Since the launch of PPP on April 3, SBA has processed over 3.8 million loans for more than half a trillion dollars of economic support in less than one month.
“SBA systems are processing loans so lenders can disburse funds quickly. We encourage all eligible lenders to participate and all eligible borrowers that need this assistance to work with an approved lender to apply.
“We are fully committed to ensuring that American workers and small businesses continue to get the resources they need to get through this challenging time.”