Virginia banks process $4B in Paycheck Protection Program loans in second round
Virginia banks processed 46,368 applications totaling more than $3.97 billion in the second round of Paycheck Protection Program funding, from April 27 through May 1, according to the SBA.
A total of 86,739 loans have been processed through this program in Virginia, for a total of $12.69 billion.
“All Virginia banks are open, well capitalized, and working tirelessly for small business customers to serve their needs,” said Bruce Whitehurst, president and CEO of the Virginia Bankers Association. “Bankers have been on the front line of the economic crisis caused by the COVID-19 pandemic and are honored to be a conduit for the Federal government to get this aid to these businesses that desperately need it. $135 billion in PPP funding remains and banks are ready to help even more small businesses across the Commonwealth.”
Nationwide, 2.2 million loans were made to small businesses in the second round of the PPP cycle, which began on April 27.
This total surpasses the number of all loans made in PPP Round 1. The total value of these 2.2 million loans is over $175 billion.
The average loan size in Round 2 is $79,000, showing the program is broadly based and assisting the smallest of small businesses. In fact, over 70% of loans are under $50,000.