The U.S. Small Business Administration in less than a week approved more than 60,000 loans totaling $5.56 billion under the Paycheck Protection Program for Michigan small businesses affected by the COVID-19 pandemic.
The volume comes on top of the 43,438 PPP loans for $10.38 billion the SBA approved in Michigan during the first round of the PPP before running out of money and halting applications April 16.
As of Friday, the second round volume brought total funding in Michigan under the PPP to 103,811 loans for more than $15.94 billion, according to a news release issued Sunday by the agency’s Great Lakes regional office.
The SBA’s Great Lakes region covers Michigan, Ohio, Indiana, Illinois, Wisconsin and Minnesota. The region accounts for 15 percent of the 2.2 million PPP loans the SBA approved under the second round of the PPP, which resumed a week ago after Congress allocated another $310 billion for the program.
Across both funding rounds, the SBA approved 606,812 PPP loans for $88.08 billion to small businesses and nonprofits in the Great Lakes region affected by COVID-19.
“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,” 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.”
Since launching the PPP, the SBA has processed more than 3.8 million loans for more than $500 billion in less than one month.