Small Business Administration

Please note that this post contains affiliate links and any sales made through such links will reward MageeNews.com a small commission – at no extra cost to you.

Joint Statement by Administrator Jovita Carranza and

Secretary Steven T. Mnuchin on the Success of the Paycheck Protection Program

 

WASHINGTON— U.S. Small Business Administration Administrator Jovita Carranza and U.S. Secretary of the Treasury Steven T. Mnuchin today 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.

“Since Round 2 of PPP loan processing began on April 27, 2.2 million loans have been made to small businesses which surpasses the number of all loans made in PPP Round 1.  The total value of these 2.2 million loans is over $175 billion.  Notably, the average loan size in Round 2 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.”

As of May 3, funding for round two of the Payroll Protection Program (PPP )in Mississippi has resulted in 16,757 loans approved for more than $658 million.

Click here to view the data

More on the SBA

Related articles on MageeNews.com from the SBA

MageeNews.com is an online news website covering Simpson and surrounding counties as well as the State of Mississippi

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.