RALEIGH – North Carolina small businesses and startups are faring better in the second round of COVID-19 disaster loans under the Paycheck Protection Program. But the average loans are smaller than in round one.

The nation’s ninth largest state in terms of population ranks 11th among loans approved and in total funding, according to new data from the U.S Treasury Department and the Small Business Administration which are managing the $310 billion program. That’s an improvement of four spots from the first PPP program based on research from Reveal which is part of The Center for Investigative Reporting.

So far North Carolina small businesses – defined as having fewer than 500 employees – have secured 56,512 loans worth just shy of $4.3 billion. In the first round some 24,000 NC businesses received loans for some $8 billion.

The average loan of around $80,000 is a third the size of round one and reflects the average loan of $79,000 across 2.2 million approved nationally for $176 billion, according to government figures.

Source: SBA and US Treasury

“Since Round 2 of PPP loan processing began on April 27, 2.2 million loans have been made to small businesses which surpasses the number of all loans made in PPP Round 1,” said SBA Administrator Jovita Carranza and Secretary Steven Mnuchin in a statement issued Sunday.

“The total value of these 2.2 million loans is over $175 billion.  Notably, the average loan size in Round 2 is $79,000, yet another indicator that the program is broadly based and assisting the smallest of small businesses.”

California leads the list of approved loans with more than 320,000 totaling $33 billion.

Other states ranking ahead of North Carolina include: Florida, Texas, New York, Illinois, New Jersey, Pennsylvania, Georgia, Michigan and Ohio.

So far PPP loans approved total more than $500 billion, according to the Treasury and SBA.

Read more details at this site.

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