Plenty of PPP loan money remains after Week 2, Round 2
The U.S. Small Business Administration's second round of Paycheck Protection Program and Health Care Enhancement Act funding through May 8 for the Pacific Northwest Region shows Oregon getting just over half as much money as Washington.
Oregon businesses have been approved for a total of $7 billion in the two rounds, compared to Washington state's $12.4 billion (Oregon has 4.218 million residents, Washington has 7.615 million.)
So far in round two, the overall average loan size is $73,000 compared to $206,000 in round one.
Nationally, $188 billion has been doled out in forgivable loans to help small businesses pay their workers out of a proposed $310 billion.
However, loans have slowed drastically in the last week. $175.7 billion was approved in the first week but only $13.2 billion last week, as of Friday May 8. More than $122 billion in PPP funds are still available for small businesses impacted by the Coronavirus outbreak.
Small lenders (those with assets less than $10 billion) and medium sized lenders (assets between $10 billion and $50 billion) are getting more of the action.
As of Sunday, May 10, nearly $60 billion in approved loans have been made by small lenders in round two. This is nearly double the $30 billion set-aside amount for small lenders defined in the Paycheck Protection Program and Health Care Enhancement Act.
You count on us to stay informed and we depend on you to fund our efforts. Quality local journalism takes time and money. Please support us to protect the future of community journalism.