There were 4,851 PPP loans issued in Massachusetts during the week ending May 3 and the average loan amount was between $150,000 and $350,000.
There are approximately five million approved PPP loans with a total of $517,451,965,102 set aside for funding, according to the Small Business Administration. The average loan size was around $105,000 with over 5,000 lenders currently participating in the program.
The program was slow to get off the ground when it was crushed by an onslaught of would-be applicants. Another major criticism of the program pertained to who was receiving the loans. A program that was meant for small businesses witnessed the Los Angeles Lakers receive $4.6 million from the program. The Lakers qualified for the program under the rules as written but returned the funds according to a Laker’s statement provided to news outlets.
| Apr 27 | Apr 28 | Apr 29 | Apr 30 | May 1 | May 2 | May 3 | |
|---|---|---|---|---|---|---|---|
| $5-10 million | 8 | 14 | 2 | 7 | 1 | 1 | 7 |
| $2-5 million | 31 | 33 | 12 | 16 | 1 | 0 | 27 |
| $1-2 million | 89 | 79 | 42 | 38 | 13 | 2 | 69 |
| $350,000-1 million | 324 | 346 | 142 | 143 | 37 | 11 | 304 |
| $150,000-350,000 | 658 | 787 | 339 | 358 | 146 | 35 | 729 |
Alerts Sign-up