That's in addition to the $349 billion loaned out in just 13 days during the program's first round of funding.
The Small Business Association approved about 164,000 PPP loans for NY businesses as of the end of last week - more than twice as many as the first round of loans last month.
The report shows there's no statistical significance between the severity of the economic impact of COVID-19, measured both in terms of cases and unemployment claims, and the share of small businesses getting PPP loans, after excluding NY and New Jersey.
A California software company that received a federal Paycheck Protection Program loan of more than $750,000 sued the government over new guidelines attempting to restrict who can get such assistance.
A study from two Federal Reserve economists has found that states hardest-hit by the coronavirus pandemic are being approved for payroll protection loans by the Small Business Administration at lower rates than less hard-hit areas. "The PPP was created to help small businesses affected by the coronavirus, including the many women- and minority-owned and operated businesses, but, instead, much of this money has gone to large corporations". Companies with fewer than 25 employees accounted for 90 percent of those applications, and 80 percent generated less than $2 million annually. They also continue to seek guidance on what, exactly, PPP loan money can be used for and whether the eight-week loan program can be extended beyond June 30.
United Kingdom virus death toll rises above 30000
There were 29,648 deaths involving coronavirus in England and Wales up to April 24, ONS data shows. The UK has overtaken Italy to report the highest official death toll coronavirus in Europe .
Overall, though, big banks dominated the lending in the second round.
What's more, bankers and CPAs say the technical glitches that plagued the program in its early weeks appear to be more or less resolved and even the smallest of their small business clients are getting funded.
Banks with more than $10 billion in assets processed 68 percent of the PPP loans last week, compared with about 40 percent during the program's first round.
Of the 378 loans totaling $1.2 billion received by public companies as of mid-afternoon Friday, 47 worth $350.4 million have been returned, according to data compiled by FactSquared. Treasury and SBA have missed a deadline to provide guidance about how to calculate the portion of the loan that is forgivable, and firms may be concerned that they'll be on the hook to repay it if they don't meet all the conditions.