The Small Business Administration said late Wednesday it had approved more than 960,000 loans totaling nearly $90 billion in this round of funding.
The SBA said late Wednesday it had approved more than 960,000 loans totaling nearly $90 billion in this round of funding. Banks have thousands more loans to submit, and many owners are still applying for the relief., are intended to help businesses hit hard by the virus retain their workers or rehire those who were laid off. Thousands of businesses have been forced to shut down to contain the spread of the virus or have lost business as customers stayed home or cut their spending.
with the SBA approving 1.7 million. Banks had thousands of applications ready to go Monday when the current round began. Banking groups said limits the SBA placed on the number of loans each bank could submit were announced at the last minute on Sunday, making it impossible for lenders to adjust their own submission processes.
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