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The U.S. Small Business Administration said on Tuesday that it had approved more than $ 5 billion in aid loans to small businesses in the first week since the Pay Check Protection Program reopened under a new round of federal financing.
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The loans, which convert into lending if borrowers follow the guidelines, including using funds primarily to cover payroll, went to 60,000 companies through 3,000 lenders, the SBA said in a statement.
In the last round of PPP loans in April, the agency approved more than $ 52 billion for 475,000 borrowers in the first day and a half.
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The slower pace this time was partly intentional: loans were restricted this first week to creditors specializing in needy communities, including minority, women and veteran companies, and small creditors.
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Starting on Tuesday, the program – financed with $ 284 billion from the December $ 892 billion pandemic relief package – is open to all creditors.
(Reporting by Pete Schroeder in Washington Editing by Franklin Paul and Matthew Lewis)