Feb. 18, 2021—The U.S. Small Business Administration announced last week that $103 billion of Paycheck Protection Program funds have been approved for more than 1.4 million small businesses, according to a press release.
In an effort to reach the smallest businesses, 82 percent of the loans approved have gone to businesses requesting less than $100,000. In addition, 28 percent of businesses in the latest round of funding have been in rural communities.
"We are pleased that the Paycheck Protection Program is targeting the smallest of small businesses and providing economic relief at a crucial time in American history,” SBA senior advisor to the administrator Michael Roth says in the release. “While we are excited that we are doing a better job of reaching the hardest hit industries and communities, we are committed to taking additional steps to ensure that there is equitable access for underserved businesses and that we are leading with empathy to support small businesses in a difficult spot.”
For more information on round two of PPP click here.