SBA Regional Administrator Rob Scott’s Statement on the Paycheck Protection Program’s Second Round of Funding
Summary
SBA news release published May 3, 2020, carrying a statement by SBA Regional Administrator Rob Scott on the second round of Paycheck Protection Program funding. It says that from 4 to 11:59 p.m. EDT that day SBA's PPP loan processing system was open only to lending institutions with less than $1 billion in assets, and that SBA is pacing applications and has eliminated lenders' use of robotic processing automation. The statement reports more than 960,000 approved PPP loans totaling nearly $90 billion processed through nearly 5,300 lenders in the second round, led by lenders with less than $50 billion in assets.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
Full text
Archived news release SBA Regional Administrator Rob Scott’s Statement on the Paycheck Protection Program’s Second Round of Funding “The SBA is committed to ensuring the Paycheck Protection Program funding is going to small businesses via a fast and fair process. In part of that ef... Published on May 3, 2020 “The SBA is committed to ensuring the Paycheck Protection Program funding is going to small businesses via a fast and fair process. In part of that effort, from 4 to 11:59 p.m. EDT today, SBA’s PPP loan processing system is only open to lending institutions with less than $1 billion in assets. Additional steps we’ve taken are to pace applications so all lenders submit at the same rate per hour and eliminate lenders’ ability to use robotic processing automation, which mimics human data entry. “As of this evening, more than 960,000 approved PPP loans totaling nearly $90 billion had been processed via nearly 5,300 lenders in the second round. And, small- and medium-sized lenders lead the way; lending institutions with less than $50 billion in assets have approximately 793,000 PPP loans approved for $63 billion. The average overall PPP loan size is currently at less than $95,000. “Small businesses create two out of every three net new jobs and the PPP is helping those here in the Great Lakes Region keep their employees on payroll. This is allowing hardworking Americans to keep their jobs and the small businesses vital to our local communities and national economy to be positioned for re-opening as soon as they are able.” # # # Media contacts U.S. Small Business Administration Email Press_Office@sba.gov
File and source
- File
- article-2020-05-03-sba-regional-administrator-rob-scotts-statement-paycheck-protection-programs-second-round-f.html
- Size
- 35,420 bytes
- SHA-256
- 1b367643ba36bee24a65c7f55faac5a823ca28f4df445f3f185b8f47ba9cc10d
- Original
- legacy.sba.gov