960,000 PPP Loans Made Through Wednesday Afternoon

As of 5 p.m. EDT today, ABA has learned, the Small Business Administration has approved more than 960,000 round two Paycheck Protection Program loan applications amounting to more than $90 billion. More than 5,300 lenders have made loans through the PPP.

Lenders with assets of less than $10 billion made 587,000 of these loans totaling $43 billion, while lenders with assets of $10 billion to $50 billion made more than 206,000 loans amounting to more than $20 billion. Lenders with assets over $50 billion had 167,000 loans approved for a total of over $25 billion.

After a rocky first two days for round two of the PPP, ABA President and CEO Rob Nichols tweeted that he was “[h]earing that banks of all sizes across the nation have had more success accessing the PPP loans system today.” Nichols added that ABA is “working closely with [SBA Administrator Jovita Carranza] and SBA to ensure the system will work efficiently so America’s banks can help more small businesses in need.” In a Tuesday letter with other trade associations, ABA urged SBA and the Treasury Department to provide greater transparency and resolve technical problems with E-Tran.