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Over $5 billion in U.S. small business relief loans approved in first week: SBA

The loans, which convert to grants if borrowers follow guidelines including using the funds primarily to cover payroll, went to 60,000 businesses via 3,000 lenders, the SBA said in a statement.

In the last round of PPP loans in April, the agency approved more than $52 billion to 475,000 borrowers in the first day and a half.

The slower pace this time was in part by design: borrowing was restricted this first week to lenders specializing in underserved communities, including firms owned by minorities, women, and veterans, and to small lenders.

Starting on Tuesday the program – funded with $284 billion from December’s $892 billion pandemic relief package – is open to all lenders.


Source: Economy - investing.com

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