UPDATED 4/27/2020: The original piece analyzed the first $247 billion in PPP loans, and has been updated to reflect updated numbers provided by the SBA.
The Small Business Administration (SBA) announced that as of April 16, 1.66 million loans had been approved through the Paycheck Protection Program (PPP) put in place by the CARES Act. Intended for businesses to cover payroll costs without paying the government back for a large portion, the loans were worth $342 billion. According to SBA leadership, the agency processed more than 14 years' worth of loans in less than 14 days.
