Loans are issued to companies affected by the coronavirus epidemic.
The Federal small business Administration had approved more than 3.8 million loan applications totaling more than $ 500 billion since April 3, when the payroll protection Program began to work to mitigate the economic impact of the coronavirus epidemic. This is stated in a joint statement of the office and the US Treasury Department.
Since the start of the second round of the program on April 27, the office has issued about 2.2 million loans totaling $ 175 billion, the statement said.
The second round of the program allows lenders to issue conditional non-refundable loans under government guarantees to small businesses that have stopped working due to the epidemic.
The average loan amount in the second round of the program was $ 79,000, according to a statement released on Sunday.
The government’s $ 660 billion anti-crisis programs for small businesses have run into bureaucratic problems, technological failures, and redirection of funds to large corporations. It also faces challenges related to the forgiveness of these fast loans.