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Over $5B in US small business relief loans approved in first week -SBA – Fox Business

The loans, which convert to grants if borrowers follow guidelines, went to 60,000 businesses via 3,000 lenders

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The U.S. Small Business Administration said on Tuesday it has approved over $5 billion in small business relief loans in the first week since reopening the Paycheck Protection Program under a new round of federal funding.
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The loans, which convert to grants if borrowers follow guidelines including using the funds primarily to cover payroll, went to 60,000 businesses via 3,000 lenders, the SBA said in a statement.
In the last round of PPP loans in April,…

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