SALT LAKE CITY — The U.S. Small Business Administration announced that as of May 1, round two of the Paycheck Protection Program made 2.2 million loans totaling more than $175 billion. This number surpasses the loans made during the first round that came in at 1.66 million. The average loan size is currently down to $79,000 compared to the first-round average of $206,000.
“These numbers demonstrate that more and smaller businesses are now getting the assistance they need. In one week, round two of the PPP was able to help more than two 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.
SBA Administrator Jovita Carranza and U.S. Secretary of the Treasury Steven T. Mnuchin issued the following statement on the success of the Paycheck Protection Program (PPP):
“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 two 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.”