$35 Billion in Third Round PPP Already Allocated

More than 400,000 loans have already been approved since the program reopened earlier this month.
Jan. 29, 2021

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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