PPP Reopens with 60k New Loans
Roughly 60,000 borrowers were approved for more than $5 billion in forgivable loans during the first week of the reopened Paycheck Protection Program (Wall Street Journal)
The average PPP loan size was below $20,000 for first-time borrowers and below $75,000 for second-time borrowers for applications processed through Jan. 17, according to an SBA spokesman, a sign the loans were being approved for smaller businesses. Loan amounts are based on the size of an applicant’s payroll.
The average loan size was $206,000 during the program’s initial launch last April and was $101,000 at the program’s close last August.