Out of the $288 billion for the second round of PPP, around $103 billion (around 36%) have been approved as of earlier this week. The SBA has released some relevant details on how the majority of the loans are for amounts under $100k.
Release Date: February 10, 2021 Release Number: 21-15
This week, the SBA hit a major milestone of approving $103 billion of PPP funds to more than 1.4 million small businesses. Highlights from this round include:
- Reaching more of the smallest businesses; 82% of all loans going to businesses requesting less than $100K
- Reaching rural communities in a meaningful way; 28% of businesses who have received funding this round are in rural communities
- Increasing partnerships with Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) who are trusted agents in extending economic relief to minority communities and underserved populations