WASHINGTON—During round two of the Small Business Administration's (SBA) paycheck protection program's (PPP) funding, more than $6 billion has gone to loans submitted by Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs), according to new data released by the agency, detailing approved loans from April 27 to May 8.
To date, more than two million loans have been distributed by more than 5,000 lenders during the second round of the program. The report also revealed that $1.3 billion has gone to loans submitted by credit unions with less than $1 billion in assets/
As CUToday.info has reported, $188 billion of the allocated funds have been exhausted, with the average loan size being $73,000. But demand for funds during round two has cooled, and two weeks after the second tranche of $310 billion in funds became available became available, approximately 40% of the money was still available, according to data released on May 8 by the SBA.