More than 400,000 loans have already been approved since the program reopened earlier this month.
Jan. 29, 2021—The Small Business Administration (SBA) has already approved more than 400,000 loans worth $35 billion through the Paycheck Protection Program's third round of lending, Fox Business reported.
Roughly 66 percent of loans distributed were for $60,000 or less. The average loan was about $87,000, Fox reported. At least $40 billion has been designated for businesses with 10 or fewer employees.
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.
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