The Paycheck Protection Program continues to provide critical support to millions of small businesses and tens of millions of hardworking Americans.
Since Round 2 of PPP loan processing began on Monday, April 27, more than 2.2 million loans have been made to small businesses across the U.S. 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. In just one week, the number of loans surpasses the number made in all of Round 1.
Since the Paycheck Protection Program was first offered 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.
Small business in Hawaii scored 7,717 loans for more than $413,825,000. The list includes small businesses in all industries, sizes, shapes and business models. As Hawaii starts to open up for business, we encourage you to assess your operations carefully and take the necessary steps to assure safety and social distancing for customers and staff. And don’t miss out on the chance to get some financial assistance to help you move into the new economy after COVID-19!
Find out how easy it is to apply for the PPP loan at www.sba.gov!