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PPP approves 60,000 loans in first week worth $5B

In its first week of reopening, the U.S. Small Business Administration reported approving around 60,000 PPP loan applications submitted by nearly 3,000 lenders for over $5 billion.

Approximately 60,000 Paycheck Protection Program (PPP) loan applications submitted by nearly 3,000 lenders was approved by the U.S. Small Business Administration in the first week of the program’s reopening.

Loan approval totaled over $5 billion for the 60,000 approved submissions. Last week, the PPP provided dedicated access to community financial institutions that specialize in serving underserved communities, including minority, women and veteran-owned small businesses.

As of Jan. 19, 2020, the PPP is open to all participating lenders.

 “The SBA continues to help small businesses across the nation access vital funds through the Paycheck Protection Program. Data from our first week, which first allowed hundreds of community financial institutions to submit applications, then opened wider to small banks, demonstrate that we have helped tens of thousands of businesses,” said SBA Administrator Jovita Carranza.

“The PPP is off to another great start helping our nation’s economy. With PPP re-opening today for all First and Second Draw loan applications, the SBA remains committed to keeping small business workers on payroll and their doors open during this challenging time. Moreover, the SBA over-performed operationally, issuing guidance and rules in advance and in alignment with the new law’s requirements,” Carranza added.

The PPP remains open for First and Second Draw PPP loans until March 31, 2021, as set forth in the Economic Aid Act, or until Congressionally-appropriated funding is exhausted.