SBA Provides an Update on Round Two Funding for the Paycheck Protection Program

The Small Business Administration has released results from the first 5 days of the second round of PPP funding. Loan volume through the close of business on Friday, May 1st included the approval of $176 billion through 2.21 million loans.

With $310 billion in funding, the second round of loans has $134 billion or 43% of the allocation still available to small businesses.

The average loan value for round 2 is currently $79,000, a decrease of $127,000 from the first round average loan value of $206,000.