Treasury Secretary Steve Mnuchin and Small Business Administration Administrator Jovita Carranza said in a joint statement that the average size of a loan granted during the second iteration of the program, which began Monday, was $ 79,000.
"The Paycheck Protection Program provides critical support to millions of small businesses and tens of millions of hard-working Americans," Mnuchin and Carranza said in the statement, adding to the average loan size set "the program is broad-based and helps the smallest of small businesses."
The administration said that since the launch of PPP, 3.8 million loans totaling more than $ 500 billion have been granted.
Amid concerns that the money earmarked for smaller lenders was going low, SBA lenders on Wednesday informed that only financial institutions with less than $ 1 billion in assets will be able to put Paycheck Protection Program applications into the SBA system between 6 p.m. ET and midnight.
The SBA also said that, in consultation with Treasury, they would reassess to see if more reserved time would be needed for smaller banks to make loans in the future.