Jan. 29, 2021—The Small Business Administration has approved more than 400,000 loans worth $35 billion through the Paycheck Protection Program, Fox Business reported.
Congress authorized another $284 billion for a second round of PPP loans to aid small businesses. It was part of a more comprehensive $900 billion COVID relief plan.
Roughly 66 percent of loans were for $60,000 or less. The average loan was about $87,000, Fox reported.
Over the course of roughly four months during the first round of PPP, the program distributed about $525 billion in forgivable loans to 5.2 million companies, saving an estimated 50 million jobs, according to the SBA.
