Second Round Of PPP Loaned $175 Billion To Businesses In A Week

The video discusses the distribution of $175 billion in loans to small businesses since April 27th, with a potential third round of funding. The Treasury Department and SBA have issued 2.2 million loans in the second round, averaging $79,000 each. A total of 3.8 million loans have been processed with $310 billion in funding. The Treasury reserved $60 billion for small lenders, capping borrowing at $60 billion per lender. Loans are forgiven if used to maintain payroll for eight weeks. The administration may extend the program to a third round due to its popularity and effectiveness.

When did the initial funding of $175 billion for small businesses start?

• April 1st

• May 1st

• April 15th

• April 27th

What was the average size of loans issued in the second round?

• $150,000

• $50,000

• $79,000

• $100,000

How much funding was reserved for small lenders in the second round?

• $45 billion

• $75 billion

• $30 billion

• $60 billion

What is the condition for loan forgiveness under the PPP?

• Loans must be used for marketing expenses

• Loans must be repaid within a year

• Funds must be used for equipment purchase

• Funds must be used to keep employees on payroll for eight weeks

Who mentioned the possibility of extending the program to a third round?

• Larry Kudlow

• The Vice President

• The President

• The Treasury Secretary