Since its rollout on 3 April 2020, the Paycheck Protection Program (PPP or the Program) has issued loans totaling more than US$510 billion to roughly 4.3 million businesses.
Revised on 5/28/2020
After exhausting its initial capitalization of US$349 billion, the PPP was replenished on 24 April 2020, with an additional US$310 billion. Owing to the Program's popularity, a bipartisan consensus has emerged around maintaining its viability. According to a report released by Treasury, about 70% of second-round PPP loans approved between 27 April and 1 May were for amounts of US$50,000 or less, and the overall average size of a Program loan, as of 1 May, was just US$79,000.
Read More: House and Senate considering bills to enhance flexibility for PPP borrowers, including by extending forgiveness period
Authored by James M. Wickett, Aaron Cutler, Ari Fridman, Victor A. Ghazal, Charles Kolo Rathburn
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