U.S. Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza recently issued updated data on the Paycheck Protection Program (PPP).
As the data released shows, 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, showing the program is broadly based and assisting the smallest of small businesses. In fact, over 70 percent of loans are under $50,000.
Since the launch of PPP on April 3rd, over 3.8 million loans for more than half a trillion dollars of economic support has been processed by lenders and approved by SBA.
In Virginia, banks of all sizes have been working around-the-clock to provide loans through the program, processing 46,368 applications totaling more than $3.97 billion in the second round of PPP funding, from April 27 through May 1, according to the SBA. A total of 86,739 loans have been processed through this program in Virginia, for a total of $12.69 billion.
“All Virginia banks are open, well capitalized, and working tirelessly for small business customers to serve their needs,” said Bruce Whitehurst, president and CEO of the Virginia Bankers Association. “Bankers have been on the front line of the economic crisis caused by the COVID-19 pandemic and are honored to be a conduit for the Federal government to get this aid to these businesses that desperately need it. $135 billion in PPP funding remains and banks are ready to help even more small businesses across the commonwealth.”