As of 1 p.m. today, the Small Business Administration said it had approved more than 475,000 loan applications submitted by more than 5,100 lenders for a total of more than $52 billion. The average loan size in the second round of funding—which opened yesterday morning—is $111,000, the SBA reported, down from $207,000 in the first round. The majority of loans made since Monday—85%—have been for amounts of $150,000 or less. Roughly seven in 10 second-round loans were made by lenders with less than $10 billion in assets, amounting to nearly $30 billion.
In a White House event today, President Trump noted “extraordinarily high” demand for PPP loans since the program reopened Monday morning. During the event—at which small business leaders from across the country spoke—Luke Bernstein, EVP at Shippensburg, Pennsylvania-based Orrstown Bank, said that over the last two weeks, his bank alone processed approximately 1,500 PPP loan applications totaling $370 million—a greater volume than the institution typically sees in an average year.
“This is about communities,” Bernstein said. “We’re helping pizza shops, delis, health care workers, repair shops, construction companies and countless others get access to these funds. These people need this money—they’re getting a lifeline through this program. Every job is life-sustaining to someone, and the PPP is saving the livelihoods of those in our communities.”