Minnesota has been approved for $2,196,430,755 in loans from the U.S. Small Business Association’s Paycheck Protection Program. The funds were distributed in 37,267 loans, the SBA announced Sunday.
As of May 1, the second round of PPP funding has brought $22.8 billion in loans to the Great Lakes Region, which the SBA defines as Minnesota, Wisconsin, Illinois, Michigan, Indiana, and Ohio. The mad scramble for funding has had banks working overtime to get applications submitted. In the first round of the program, Minneosta was approved for over $9 billion in the first round, distributed in over 46,383 loans.
“In the Great Lakes Region, in one week, we have already surpassed our total first round PPP loan numbers by nearly 10,000 and loans continue to be processed,” SBA’s Great Lakes regional administrator Rob Scott said in a news release.
In the region, Illinois has received the most this time around, at $6,578,447,775, and Wisconsin has garnered the least so far in round two at $1,679,859,519.
Over $175 billion in 2.2 million loans have been approved nationally in the second round, which tops the first round’s 1.6 million loans.
“Overall, more than $88 billion in emergency capital via the PPP already has been approved to help small businesses and nonprofits affected by COVID-19 in the six states,” Scott said. “We are dedicated to supporting them and are tirelessly working to ensure money is getting out to those that need it during these challenging times.”
Smaller businesses are getting funding in this second round, with the average loan size being $79,000 compared to the first round’s average of $206,000.
“The Paycheck Protection Program is providing critical support to millions of small businesses and tens of millions of hard working Americans,” SBA administrator Jovita Carranza’s and treasury secretary Steven T. Mnuchin said in a joint statement. “Nearly 500,000 of the loans were made by lenders with less than $1 billion in assets and non-banks.”