SBA: $175 Billion in Loans Made in Second Round of PPP Funding

More than 2.2 million loans totaling more than $175 billion have been made since the second round of funding began for the Small Business Administration’s Paycheck Protection Program on April 27, SBA reported this weekend. The average loan size was $79,000.

Nearly 500,000 loans made during the second round of funding were made by lenders with less than $1 billion in assets, according to the report, which reflected loans made through May 1 and which included both asset size and state-by-state breakdowns.