Updated Paycheck Protection Program - Round 2 data

Connecticut District Office  - May 2020

u s small business administration

Joint Statement by Administrator Jovita Carranza and Secretary Steven T. Mnuchin on the Success of the Paycheck Protection Program


U.S. Small Business Administration Administrator Jovita Carranza and U.S. Secretary of the Treasury Steven T. Mnuchin today issued the following statement on the success of the Paycheck Protection Program (PPP):

“The Paycheck Protection Program is providing critical support to millions of small businesses and tens of millions of hardworking Americans.

“Since Round 2 of PPP loan processing began on April 27, 2.2 million loans have been made to small businesses which surpasses the number of all loans made in PPP Round 1.  The total value of these 2.2 million loans is over $175 billion.  Notably, the average loan size in Round 2 is $79,000, yet another indicator that the program is broadly based and assisting the smallest of small businesses. 

In Connecticut 29,559 loans were approved totaling $2,556,813.941.

“Nearly 500,000 of the loans were made by lenders with less than $1 billion in assets and non-banks.  These lenders include Community Development Financial Institutions, Certified Development Companies, Microlenders, Farm Credit lending institutions, and FinTechs.  Over 850,000 loans—about one third of the 2.2 million loans—were made by lenders with $10 billion of assets or less.  

“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 in less than one month. 

“SBA systems are processing loans so lenders can disburse funds quickly.  We encourage all eligible lenders to participate and all eligible borrowers that need this assistance to work with an approved lender to apply.

“We are fully committed to ensuring that American workers and small businesses continue to get the resources they need to get through this challenging time.”

View PPP Data


EIDL

 

Important Information regarding EIDL Applications

 

The below note was sent to EIDL applicants on Sunday, May 3, 2020. 

Dear Applicant,

We understand the challenges your business is facing due to the massive disruption caused by the Coronavirus (COVID-19) pandemic. You are receiving this message as a notification that your Economic Injury Disaster Loan (EIDL) application is currently being processed in the order it was received. You will receive an email notification when there is a change to your application status. Without question, COVID-19 has caused an extraordinary impact on our nation's small businesses, and the demand for emergency working capital provided by the EIDL program is at historic levels. The SBA is processing applications from small businesses and private non-profit organizations across the country as quickly as possible. We thank you for your patience and understanding as we work to assist as many applicants as possible. Additional information on available resources to assist your business during the effects of COVID-19 may be found online at https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources


Additional Resources

SBA PPP home page:  https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp

Treasury Department PPP home page: https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses

  • Interim Final Rules
  • Frequently Asked Questions 
  • How to Calculate Loan Amounts
  • More

EIDL Inquiries:

If your clients have questions regarding their EIDL application, please be aware that the district office does not have access to the disaster loan database.  Such inquiries must be directed to: