PPP provides over half a trillion dollars

U.S. Small Business Administration Administrator Jovita Carranza and U.S. Secretary of the Treasury Steven T. Mnuchin recently issued the following statement on the success of the Paycheck Protection Program:

“The Paycheck Protection Program is providing critical support to millions of small businesses and tens of millions of hardworking Americans.

“Since Round 2 of PPP loan processing began on April 27, 2.2 million loans have been made to small businesses, which surpasses the number of all loans made in PPP Round 1. The total value of these 2.2 million loans is over $175 billion. Notably, the average loan size in Round 2 is $79,000, yet another indicator that the program is broadly based and assisting the smallest of small businesses.

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