SBA’s Great Lakes Region Has Nearly 308,000 Loans Totaling $22.8 Billion Approved
Summary
An SBA Great Lakes Region news release dated May 3, 2020 reports that, as of May 1, Illinois, Indiana, Michigan, Minnesota, Ohio and Wisconsin had nearly 308,000 second-round PPP loans totaling $22.8 billion; nationally the SBA had approved 2.2 million second-round loans for more than $175 billion. The second round re-opened April 27, 2020, after the first round, which opened April 3, was exhausted on April 16. A state table puts the region's two rounds at 606,812 loans and $88,080,070,149, with Illinois the largest at 159,628 loans. The second-round average loan is $79,000, against $206,000 in the first round, and Regional Administrator Rob Scott says the region passed its first-round loan count in one week.
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NEWS RELEASE
GREAT LAKES REGION
For Immediate Release: May 3, 2020
Contact: Andrea Roebker, 312-888-6516, andrea.roebker@sba.gov
SBA’s Great Lakes Region Has Nearly 308,000 Loans Totaling $22.8
Billion Approved in Paycheck Protection Program’s Second Round
Nationally, 2.2 million loans totaling more than $175 billion approved so far
CHICAGO – The U.S. Small Business Administration’s updated numbers for the second round of the
Paycheck Protection Program funding as of May 1 indicates the Great Lakes Region, which includes
Illinois, Indiana, Michigan, Minnesota, Ohio and Wisconsin, has supported nearly 308,000 small
businesses and non-profits with a total of $22.8 billion in approved PPP loans. The second round of
PPP funding re-opened on April 27, 2020, after the first round of funding, which opened on April 3, was
exhausted on April 16.
“In the Great Lakes Region, in one week, we have already surpassed our total first round PPP loan
numbers by nearly 10,000 and loans continue to be processed. Overall, more than $88 billion in
emergency capital via the PPP already has been approved to help small businesses and non-profits
affected by COVID-19 in the six states,” SBA’s Great Lakes Regional Administrator Rob Scott said. “We
are dedicated to supporting them and are tirelessly working to ensure money is getting out to those
that need it during these challenging times.”
Great Lakes Region state-specific PPP loan detail for each round (round one as of April 16, and round
two and totals as of May 1, 2020) are:
PPP PPP Total # Total
State PPP Round 1 $ PPP Round 2 $
Round 1 # Round 2 # PPP loans PPP loan $
IL 69,893 $15,972,578,071 89,735 $6,578,447,775 159,628 $22,551,025,846
IN 35,990 $7,491,445,351 31,757 $2,060,003,401 67,747 $9,551,448,752
MI 43,438 $10,381,310,070 60,373 $5,566,493,089 103,811 $15,947,803,159
MN 46,383 $9,014,060,040 37,267 $2,196,430,755 83,650 $11,210,490,795
OH 59,800 $14,108,889,927 58,834 $4,712,846,309 118,634 $18,821,736,236
WI 43,395 $8,317,705,842 29,947 $1,679,859,519 73,342 $9,997,565,361
REGION
298,899 $65,285,989,301 307,913 $22,794,080,848 606,812 $88,080,070,149
TOTAL
Nationally, the SBA has approved 2.2 million PPP loans in the second round, surpassing the first-
round total of 1.6 million PPP loans in just one week. The average loan size in the second round is
$79,000 (the first-round average loan size was $206,000). Since the PPP’s launch, the SBA has
processed more than 3.8 million loans for more than half a trillion dollars of economic support in less
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than one month. More than 15% of the overall national PPP loans and dollar amounts has been
approved for the six states in the SBA’s Great Lakes Region.
SBA Administrator Jovita Carranza’s and Treasury Secretary Steven T. Mnuchin’s joint statement
further shared: “The Paycheck Protection Program is providing critical support to millions of small
businesses and tens of millions of hardworking Americans…Nearly 500,000 of the loans were made by
lenders with less than $1 billion in assets and non-banks. These lenders include Community
Development Financial Institutions, Certified Development Companies, Microlenders, Farm Credit
lending institutions, and FinTechs. Over 850,000 loans—about one third of the 2.2 million loans—were
made by lenders with $10 billion of assets or less.”
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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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