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
