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The Small Business Administration said Tuesday afternoon that it has approved approximately 60,000 Paycheck Protection Program loan applications submitted by nearly 3,000 lenders, for over $5 billion since the program reopened on Jan. 11.
During its first week, the PPP provided dedicated access to community financial institutions that specialize in serving underserved communities, including minority- women-, and veteran-owned small businesses, from Monday through Thursday, joined Friday by smaller lenders.
As of Tuesday, the PPP is open to all participating lenders.
"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, Carranza added, "is off to another great start helping our nation's economy." First-draw PPP loans are for those borrowers who have not received a PPP loan before Aug. 8, 2020. The first two PPP rounds open between March and August 2020 "were a historic success helping 5.2 million small businesses keep 51 million American workers employed," SBA said.
Second-draw PPP loans are for eligible small businesses with 300 employees or less and that previously received a first-draw PPP loan.
"These borrowers will have to use or had used the full amount of their First Draw loan only for authorized uses and demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020," the SBA explained. "The maximum amount of a Second Draw PPP loan is $2 million."
The Paycheck Protection Program remains open until March 31, 2021, as set forth in the Economic Aid Act, or until congressionally-appropriated funding is exhausted.
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
