Statement on the PPP’s Second Round of Funding
“The SBA is committed to ensuring the Paycheck Protection Program funding is going to small businesses via a fast and fair process. In part of that effort, from 4 to 11:59 p.m. EDT today (April 29) SBA’s PPP loan processing system is only open to lending institutions with less than $1 billion in assets. Additional steps we’ve taken are to pace applications so all lenders submit at the same rate per hour and eliminate lenders’ ability to use robotic processing automation, which mimics human data entry.
________________________________________________________GREAT LAKES REGION
“As of this evening, more than 960,000 approved PPP loans totaling nearly $90 billion had been processed via nearly 5,300 lenders in the second round. And, small- and medium-sized lenders lead the way; lending institutions with less than $50 billion in assets have approximately 793,000 PPP loans approved for $63 billion. The average overall PPP loan size is currently at less than $95,000.
“Small businesses create two out of every three net new jobs and the PPP is helping those here in the Great Lakes Region keep their employees on payroll. This is allowing hardworking Americans to keep their jobs and the small businesses vital to our local communities and
national economy to be positioned for re-opening as soon as they are able.”
Second round PPP loan data as of the evening of 4/29
Number of loans
· Of the loans approved as of April 29, more than 587,000 – or 61% of the PPP loans approved so far in the second round – were from small lenders with fewer than $10 billion in assets.
· When including medium lenders (those with assets between $10 billion and $50 billion), 82% of approved PPP loans – 793,000 of 960,000 loans – have been made by small and medium lenders as of April 29.
Dollar amounts
· In dollars, a total of more than $43 billion in approved PPP loans were from small lenders and a total of approximately $63 billion in approved PPP loans were from small and medium lenders as of April 29.
o So far in the second round, as of April 29, small and medium lenders had processed approximately 70% of total loan dollar amount.
o The $30 billion set aside in the Paycheck Protection Program and Health Care Enhancement Act for small lenders was reached on April 29, so their loans are now being approved out of the overall funds.
Specific data
The only detailed information that includes state PPP information available at this time is the loan data published on
- April 16 and the state lender list published on April 23.
- While the PPP loans have been approved, to note is that once the loan is processed by the SBA, a lender has up to 10 days for the initial disbursement and recipients can’t be fully confirmed prior to that.
- We expect more specific loan data to come available after the loan process is complete.
###
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
