The headlines of Fox Business Flash are here. See what clicks on FoxBusiness.com.
The U.S. Small Business Administration said Tuesday that it has approved more than $ 5 billion in small business loans in the first week since the recovery of the Paycheck protection program under a new round of federal funding.
GET FOX BUSINESS ON THE GO by clicking here
The loans, which convert to grants as borrowers follow guidelines, including using the funds primarily to cover the payroll, were granted to 60,000 businesses via 3,000 lenders, the SBA said in a statement.
In the last round of PPP loans in April, the agency approved more than $ 52 billion to 475,000 lenders in the first day and a half.
YELLEN INVITES ‘BIG LAW’ ON COVID-19 EXTENSION EDITION: ‘MORE MUST BE DONE’
The slower pace this time was in part by design: loans this first week are limited to lenders specializing in underserved communities, including businesses owned by minorities, women and veterans, and to small lenders.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
As of Tuesday, the program – funded with $ 284 billion from the $ 892 billion pandemic package – is open to all borrowers in December.
(Report by Pete Schroeder in Washington Editing by Franklin Paul and Matthew Lewis)