CHARLESTON, W.Va. — More than 7,000 loans have been approved through the second round of Paycheck Protection Program funding for businesses in West Virginia.
The U.S. Small Business Administration released data on the second round of funding from April 27 to May 1 including 7,042 loans approved in the Mountain State totaling $460,178,499.
Since Round 2 of PPP loan processing began on April 27, 2.2 million loans have been made to small businesses which surpasses the number of all loans made in PPP Round 1, a release said.
Round 1 of PPP ran out of $350 billion after two weeks earlier in April.
Rob Nichols, the President and CEO of American Bankers Association noted the average loan size in Round 2 is $79,000, saying it was another indicator that the program is broadly based and assisting the smallest of small businesses.
(Editor’s note: An earlier version of this story incorrectly listed the number of loans and the amount of money loaned in West Virginia.)