$5 billion approved in first week of PPP loans.

In the first week of the reopening of Paycheck Protection Program, approximately 60,000 loan applications submitted by nearly 3,000 lenders have been approved, totaling more than $5 billion.

The U.S. Small Business Administration reopened the program on Jan. 11 to any borrowers that missed the last round of funding and certain existing borrowers. The First Draw PPP Loans, for borrowers who did not receive a PPP loan before Aug. 8, 2020, and Second Draw PPP Loans, for eligible small businesses with 300 or fewer employees that had previously received a loan, were open only to community financial institutions for the first week.

As of Jan. 19, the program is open to all participating lenders, according to a news release from the SBA. The reported totals represented approvals from Jan. 11 at 9 a.m. through Jan. 17.

The first two PPP rounds, open between March and August 2020, helped 5.2 million small businesses to keep 5.1 million American workers employed, according to the release.

"The SBA continues to help small businesses across the nation access vital funds through the...

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