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Loans Averaged $206,000 in Small Businesses Fund That Ran Out

  • Money dried out for Paycheck Protection Program on Thursday
  • Applications processed from all U.S. states and territories
The U.S. Capitol at dusk in Washington.
The U.S. Capitol at dusk in Washington.Photographer: Al Drago/Bloomberg

More than 1.6 million small businesses were approved for funding before the money ran out Thursday under a federal program to help them survive the coronavirus pandemic, and almost three-quarters of the applications were for loans of $150,000 or less, according to a new report.

The U.S. Small Business Administration processed applications from all 50 states and territories totaling $342.3 billion out of the $349 billion Paycheck Protection Program before the agency stopped accepting applications, the report released Friday shows. The balance of funding is for fees and processing, officials have said.