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About 60,000 PPP loans approved in first week of new phase

Published January 19, 2021

WASHINGTON (BRAIN) — The U.S. Small Business Administration approved about 60,000 Paycheck Protection Program loans in the first week after being reimplemented in December.

Nearly 3,000 lenders submitted applications for more than $5 billion between Jan. 11-17.

Community financial institutions accepted first-time borrowers for the first two days before accepting certain borrowers who previously received a PPP loan.

This round of COVID-19 pandemic funding authorized up to $284 billion toward job retention and certain other expenses through March 31.

Updated PPP guidance outlining program changes was released on Jan. 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act.

The $900 billion relief package was officially approved on Dec. 27. PeopleForBikes, which has been offering industry loan resources since the pandemic began in the spring, said retailers should contact their lenders with questions.

Topics associated with this article: Coronavirus

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