ST. LOUIS — Small businesses in Missouri and Illinois have received more than $8 billion in second-round loans under the Paycheck Protection Program, the Small Business Administration reported.
In Missouri, 32,252 PPP loans totaling $1.7 billion have been approved. In Illinois, 89,735 loans have been approved for $6.58 billion.
Nationally, more than 2.2 million loans have been approved in the second round, totaling $175.7 billion, the SBA reported in an update Sunday. The number of lenders totaled 5,432.
"Notably, the average loan size in round two is $79,000, yet another indicator that the program is broadly based and assisting the smallest of small businesses," SBA Administrator Jovita Carranza and Treasury Secretary Steve Mnuchin said in a joint statement accompanying the update. "Nearly 500,000 of the loans were made by lenders with less than $1 billion in assets and non-banks."
Since the launch of PPP on April 3, SBA has processed over 3.8 million loans for more than half a trillion dollars of economic support.
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