The number of Paycheck Protection Program (PPP2) loans to U.S. small businesses more than doubled in the third week of the second round of pandemic relief aid, according to new data from the U.S. Small Business Administration (SBA).
The SBA approved 891,044 loans worth $72.7 billion through Jan. 31, up from the 400,580 loans totaling $35 billion a week prior, according to a report released Tuesday, Feb. 2.
About three-quarters of PPP2 loans approved by the SBA are for borrowers who already received one last year. Under a law passed by Congress in December, companies can apply for a second loan if they can show revenue loss. Learn more.