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$188.94 billion processed for more than $2.5 million loans in second round of PPP

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In the PPP Round Two so far, 2,571,167 approved loans totaling a guaranteed amount of nearly $188.94 billion have been processed via 5,463 lenders, according to the U.S. Small Business Administration. These numbers show that over 4.2 million small businesses have received loans for over $531 billion since the start of the PPP Program. Over $120 billion remains available in PPP funding at this time. The program closes, as per the CARES Act mandates, June 30.

Small and medium-sized lending institutions (those with less than $50 billion in assets) have approved more than half (52%) of the small businesses receiving loans for 47% of the PPP Second Round’s total loan volume ($88.91 billion). The newly updated Round Two report shows that smaller banks make up over 95.7% of PPP-participating lenders (5,229 in total). These community lenders and smaller federally insured banks and credit unions with less than $10 billion in assets have processed almost 40% of all PPP loans (loan count 972,611). Medium-sized lenders (those with assets between $10b to $50b) had 363,143 PPP loans approved totaling more than $28.9 billion in this second round so far.

The average loan size stands at $73,000.


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