More than 4000 PPP loans approved in state during second round

James Marshall
May 5, 2020

Last week the Securities and Exchange Commission advised that, under certain circumstances, registered investment advisors must disclose forgivable loans they have received under the Paycheck Protection Program (PPP).

The United States has made over 500 billion U.S. dollars in loans to small businesses hit hard by the coronavirus pandemic and about 145 billion U.S. dollars remains in the congressionally approved fund, the U.S. Small Business Administration and Treasury Department said Sunday. The latest tally makes the firm the top lender in the second round of funding, according to the company. The bank also released lending data by state, showing it had funded $3.22 billion of loans in California, $1.38 billion in Florida and $1.03 billion in NY. "We are happy to see the SBA has been processing submissions at a faster rate, and hopefully there is sufficient funding for everyone in need".

"M$3 ore recently we have determined that our financial and operating position are stable, and we believe the PPP funds should be deployed to small businesses in greater need of support during this hard time".

The government approved an additional $50 billion in loans to small businesses in April after the first round of PPP loans were quickly tapped out, partly due to public companies taking a large chunk of the money meant to help businesses with fewer than 500 employees.

The $2 trillion CARES act, passed by Congress in March, set aside $349 billion worth of loans for small businesses. It's also paused home-foreclosure sales.

Other reports by Click Lancashire

Discuss This Article