Business
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
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,…
