SBA Says More Than 2 Million in Round 2 Paycheck Protection Program Loans Have Been Approved

The SBA has approved more than 2 million loans worth over $175 billion as part of the second round of PPP funding.

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FUNDING UPDATE MAY 4: The SBA announced that more than 2.2 million loans have been made to small businesses in the second round of the Paycheck Protection Program (PPP). Over $175 billion in loans have been approved, a joint announcement by the SBA and U.S. Treasury Department confirmed.

The agencies noted that the average size of loan in round two of the PPP was $79,000, significantly smaller than in the first round of the program. The program drew anger due to several much larger firms securing loans intended for smaller businesses.

“Nearly 500,000 of the loans were made by lenders with less than $1 billion in assets and non-banks,” the SBA said in a prepared statement. “Over 850,000 loans—about one third of the 2.2 million loans—were made by lenders with $10 billion of assets or less.”

A list of PPP loans in the second round by state is provided below.

PPP Round 2 Loans

1 Alabama 26,724 1,420,911,674
2 Alaska 3,920 338,700,245
3 Arkansas 15,454 618,440,796
4 Arizona 43,915 2,147,483,647
5 California 320,156 2,147,483,647
6 Colorado 46,157 2,147,483,647
7 Connecticut 29,559 2,147,483,647
8 Delaware 4,872 366,280,938
9 Florida 185,904 2,147,483,647
10 Georgia 64,784 2,147,483,647

BREAKING UPDATE MAY 1: Nearly $90 billion of loans have been approved during the second phase of the Paycheck Protection Program (PPP), according to an SBA district office in the Midwest.

More than 960,000 PPP loans have been approved totaling nearly $90 billion as of Wednesday evening, according to the SBA’s Minnesota District Office.

Almost 5,300 lenders had loans processed in the second round of the PPP. Lending institutions with less than $50 billion in assets have approximately 793,000 PPP loans approved for $63 billion. Earlier in the week, the SBA instituted a freeze on loan applications from lenders with more than $1 billion in assets in an attempt to distribute more loans to smaller businesses.

The average overall PPP loan size is currently at less than $95,000, according to the SBA Minnesota District Office.

Approximately 28% of the $322 billion in funding appropriated by Congress for the second round of PPP loans have been tapped as of Wednesday evening excluding origination fees owed to lenders.

BREAKING UPDATE APRIL 28: The Small Business Administration (SBA) said another $52 billion in PPP loans have been approved as of April 28 at 1 p.m. EST.

A total of $52,175,662,296 worth of potentially forgivable loans were approved within the first day and half of the second round of the PPP, which was replenished with an additional $322 billion in funding from Congress last week.

The SBA, which administers the program, confirmed that 475,952 in PPP loans were approved among 5,182 participating lenders.

Small lenders represented nearly 70% of total loan volume at 331,119, an SBA spokesperson confirmed. Medium-sized lenders made up 83,916 of approved loans in the second round.

The SBA also noted that 85% of approved loans in the second round were for $150,000 or less. And it said the average loan size had decreased to $111,000 compared in the second round of the PPP compared to the previous average of $207,000. The SBA and U.S. Treasury Department had come under fire for allowing large businesses to tap into the PPP loan pool in the first round of lending.

The figure provided by the SBA means that 16% of the $322 billion for the second round of the PPP has been allocated within the first day and a half of lending.

Much like the first round of the PPP, lenders and small businesses have complained of technical glitches in the second round.


Over three-fourths of the $349 billion dedicated for loans to businesses under the Paycheck Protection Program (PPP) have been approved to date.

The Small Business Administration, which oversees the PPP with the U.S. Treasury Department, said that $268 billion in forgivable loans had been approved as of April 14. A total of 1,680,000 loans have been approved under the program and originated by 4,700 lenders nationwide, according to an SBA spokesperson.

The SBA did not have exact figures for how much in the approved loans had actually been disbursed to businesses as of April 14.

The PPP was included as part of the CARES Act by Congress in an attempt to provide much needed financial relief to small businesses facing shutdowns and steep drops in revenue due to the COVID-19 pandemic. The intention of the program was to provide roughly 2 months of funds to businesses to cover payroll, and mitigate the numbers of newly unemployed workers.

Under the terms of the Paycheck Protection Program, eligible businesses can apply for 2.5 times their monthly payroll with a hard cap of $100,000 per employee. If the business uses at least 75% of the loan to cover payroll and maintain employee salaries, the loan can be partially or totally forgiven.

Applications for the program officially opened on April 3. But communication struggles between lenders and the Federal government, as well as technical glitches, led to confusion and frustration among small businesses. A lack of information around the program sparked makeshift online communities and tracking projects by the small businesses themselves.

Largest Volume of PPP Loans Are Under $150,000

The SBA also reported figures for how much in total approved loan count and dollar amounts broke down by size of loan for the PPP.

By far, the majority of approved loans (70%) were under $150,000 at 725,058 total loans. But the largest share (24%) of actual approved dollars in loans were concentrated among loans worth $350,000 and $1 million dollar at $59,291,602,643. (These figures were reported on April 13, and not inclusive of all loans and totals approved as of April 14.)

The total number of approved loans and dollars breaks down as follows:

Loan Size Approved Loans Approved Dollars % of Count % of Amount
< $150K 725,058 $37,178,984,187 70.05% 15.02%
$150K – $350K 156,590 $35,735,615,983 15.13% 14.44%
$350K – $1M 102,473 $59,291,602,643 9.90% 23.95%
$1M – $2M 31,176 $43,278,883,532 3.01% 17.48%
$2M – $5M 16,516 $49,288,997,593 1.60% 19.91%
> $5M 3,273 $22,769,309,582 0.32% 9.20%

Top Ten Industries for Approved PPP Loans

The SBA’s San Antonio District Office also provided a list of the top ten industries based on the number of approved PPP loans as of April 13.  (The totals and dollar values are not inclusive of the total reported on April 14.) The top three industries were Construction, Business Services and Manufacturing.

The top ten industries by the number of SBA-approved PPP loans:

  1. Construction
  2. Professional, Scientific, & Technical Services
  3. Manufacturing
  4. Health Care & Social Assistance
  5. Accommodation & Food Services
  6. Retail Trade
  7. Wholesale Trade
  8. Other Services (except Public Administration)
  9. Administrative & Support & Waste Management & Remediation Services
  10. Real Estate & Rental & Leasing

SBA Approved PPP Loans By Industry

wdt_ID Industry Approved loans Approved Dollars % of Amount
1 0 114.84 0 13.73
2 0 126.37 0 12.26%
3 0 72.73 0 12.25%
4 0 114.24 0 11.27%
5 0 108.18 0 9.18%
6 0 105.80 0 8.57%
7 0 42.28 0 5.79%
8 0 93.54 0 4.97%
9 0 45.49 0 4.29%
10 0 48.94 0 3.22%
Approved loans Approved Dollars % of Amount

Fintech Hopes to Fill the Void

As many businesses, particularly the smallest sized businesses and independent contractors, have struggled to access lending through large banks and community banks. In particular, many banks have required a prior commercial banking relationship from would-be borrowers of PPP funds.

Now, some fintech companies are stepping in.

Companies like Square and PayPal announced this week that they were recently approved by the SBA to issue loans under the Paycheck Protection Program. For many of the smallest businesses and sole proprietors, access to loans through these programs could be a faster alternative since many use their products for in-store and online transactions.

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