As of 5 p.m. tonight, a total of 2.38 million Paycheck Protection Program loans had been made in the second round of funding for a total of $181.2 billion — about 57% of the round two funds available — the Small Business Administration said.
Of that total, approximately 53% was made by lenders with over $50 billion in assets, 15% by lenders with $10-50 billion in assets and 32% by lenders with under $10 billion. The average loan size for round two was $76,179, and across both rounds, the average loan size dropped to $129,294.
Meanwhile, SBA this evening said it will grant a seven-day extension to the safe harbor for firms that have access to other sources of capital to repay PPP loans. Borrowers that applied for a PPP loan prior to April 24, 2020, and that repay the loan in full by May 14, 2020, will be deemed by SBA to have made the required certification of economic need in good faith.
In updates to its FAQ document, SBA noted that the extension will be automatic and will be implemented through a revision to the interim final rule that provided the safe harbor. SBA also said that it expects to issue additional guidance on how it will review the borrower certification will be issued prior to May 14.
With the latest numbers from @SBAGov, the total number of #PPPLoans is now over 4 million. The average loan size is down to $129,582. Thanks to all of the dedicated bank employees across the nation who have worked 24/7 to help their small business customers at this time of need. https://t.co/qpojRyRm9o
— Rob Nichols (@BankersPrez) May 6, 2020