California Banks Remind Small Businesses that Funds are Still Available under the Paycheck Protection Program
SACRAMENTO, Calif. - The California Bankers Association released the following statement regarding the distribution and availability of funds available through the second round of the Small Business Administration’s Paycheck Protection Program (PPP):
“The second round of PPP was launched on April 27, with an additional $310 billion made available to help small businesses. Two weeks after the launch of the program, approximately 40 percent of the funds are still available. The SBA reported last evening that it had approved 2.5 million round two PPP loans amounting to $185.4 billion. The average loan size for the second round was $74,304. California businesses have received more than $66 billion in PPP loans, approximately 13 percent of the nation’s total.
“We continue to encourage small business owners to contact their bank to discuss their eligibility for the PPP. Businesses may also identify a participating lender from a search tool on the SBA’s website, https://www.sba.gov/paycheckprotection/find, where small businesses can enter their zip code for a list of participating lenders.”