The US Small Business Administration said on Tuesday that it approved more than $ 5 billion in small business relief loans in the first week after restarting a paycheck protection program under a new round of federal funding.
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The SBA said in a statement that if borrowers primarily followed the guidelines, including using funds to cover payroll, it converted to grants, 60,000 went through 3,000 lenders to businesses , The SBA said in a statement.
In the final round of PPP lending in April, the agency approved more than $ 52 billion in 475,000 borrowers in the first day and a half.
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The slow pace at this time was in part by design: this first week for borrowing was limited to lenders specializing in restricted communities, including firms owned by minorities, women and veterans, and small lenders.
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Starting Tuesday, the program – funded with $ 284 billion from December’s $ 892 billion pandemic relief package – is open to all lenders.
(Pete Schroeder reports in Washington editing by Franklin Paul and Matthew Lewis)