CHICAGO – The U.S. Small Business Administration’s updated numbers for the second round of the Paycheck Protection Program funding as of May 1 indicates the Great Lakes Region, which includes Illinois, Indiana, Michigan, Minnesota, Ohio and Wisconsin, has supported nearly 308,000 small businesses and non-profits with a total of $22.8 billion in approved PPP loans. The second round of PPP funding re-opened on April 27, 2020, after the first round of funding, which opened on April 3, was exhausted on April 16.
“In the Great Lakes Region, in one week, we have already surpassed our total first round PPP loan numbers by nearly 10,000 and loans continue to be processed. Overall, more than $88 billion in emergency capital via the PPP already has been approved to help small businesses and non-profits affected by COVID-19 in the six states,” SBA’s Great Lakes Regional Administrator Rob Scott said. “We are dedicated to supporting them and are tirelessly working to ensure money is getting out to those that need it during these challenging times.”
Great Lakes Region state-specific PPP loan detail for each round (round one as of April 16, and round two and totals as of May 1, 2020) are: