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The U.S. Small Business Administration said Tuesday it had approved more than $ 5 billion in small business relief loans in the first week since the paycheck protection program reopened as part of the ‘a new round of federal funding.
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The loans, which turn into grants if borrowers follow directions, including using the funds primarily to cover payrolls, have gone to 60,000 businesses through 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 borrowers on the first day and a half.
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The slower pace this time was partly intentional: borrowing was limited this first week to specialist lenders in underserved communities, including minority, women and veteran-owned businesses, as well as small lenders. .
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As of Tuesday, the program – funded by $ 284 billion in December’s $ 892 billion pandemic relief plan – is open to all lenders.
(Report by Pete Schroeder in Washington edited by Franklin Paul and Matthew Lewis)
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