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Mad Dash for Small-Business Loans Slows Down to Glacial Pace

  • Initial round of $349 billion was exhausted in just 13 days
  • Rubio blames lack of guidance and firms scared to apply
   

Photographer: Spencer Platt/Getty Images

Updated on

The pace of processing loans from a popular coronavirus relief program for U.S. small businesses has slowed abruptly, allaying initial concerns that a second round of funding would be exhausted in a matter of days.

The initial $349 billion for the Paycheck Protection Program ran out in 13 days, finishing at a clip of more than $30 billion per weekday. The additional $320 billion for the initiative, relaunched on April 27, reached $175.7 billion in approvals in five days, but the Small Business Administration has reported only $11 billion processed since then -- a daily pace of $2.3 billion.