The Small Business Administration said Tuesday afternoon that it has approved approximately 60,000 Paycheck Protection Program loan applications submitted by nearly 3,000 lenders, for over $5 billion since the program reopened on Jan. 11.
During its first week, the PPP provided dedicated access to community financial institutions that specialize in serving underserved communities, including minority- women-, and veteran-owned small businesses, from Monday through Thursday, joined Friday by smaller lenders.
As of Tuesday, the PPP is open to all participating lenders.
“Data from our first week, which first allowed hundreds of community financial institutions to submit applications, then opened wider to small banks, demonstrate that we have helped tens of thousands of businesses,” said SBA Administrator Jovita Carranza.