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SBA Regional Administrator Rob Scott’s Statement on the Paycheck Protection Program’s Second Round of Funding, April 29, 2020

Summary

In a statement dated April 29, 2020, SBA Great Lakes Regional Administrator Rob Scott describes how the second round of the Paycheck Protection Program was being run. From 4 to 11:59 p.m. EDT that day the loan system was open only to lenders with less than $1 billion in assets, applications were paced so all lenders submit at the same rate per hour, and lenders could no longer use robotic processing automation, which mimics human data entry. As of that evening, more than 960,000 approved loans totaling nearly $90 billion had been processed through nearly 5,300 lenders in the second round. Lenders with less than $50 billion in assets account for approximately 793,000 of the loans, for $63 billion, and the average loan is under $95,000.

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Full text

                                                               STATEMENT
GREAT LAKES REGION
For Immediate Release: April 29, 2020
Contact: Andrea Roebker, 312-888-6516, andrea.roebker@sba.gov

      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 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.”

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About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As
the only go-to resource and voice for small businesses backed by the strength of the federal
government, the SBA empowers entrepreneurs and small business owners with the resources and
support they need to start and grow their businesses. It delivers services to people through an
extensive network of SBA field offices and partnerships with public and private organizations. To learn
more, visit www.sba.gov.




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