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.

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