About 2.2 million small business loans totaling $175 billion have been approved in the second round of the federal government's Paycheck Protection Program (PPP), ABC News reports.
The average PPP loan is around $79,000, which ABC News reports is much smaller than the $200,000 loans businesses got in the first round of the program.
"Since the launch of PPP on April 3, SBA has processed over 3.8 million loans for more than half a trillion dollars of economic support in less than one month," reads a joint statement issued by U.S. Small Business Administration (SBA) Administrator Jovita Carranza and U.S. Secretary of the Treasury Steven Mnuchin.
Nearly 500,000 of the loans were made by lenders with less than $1 billion in assets and non-banks, including community development financial Institutions, certified development companies, microlenders, and farm credit-lending institutions, according to Carranza and Mnuchin. ABC News reported more than 850,000 loans, or about a third of those approved, were made by lenders with $10 billion in assets or less.