Illustration: Sarah Grillo/Axios

The Small Business Administration, which resumed accepting applications from small businesses for Paycheck Protection Program loans on Monday, says it is seeing double the volume as it did in the opening hours of the PPP's initial rollout.

By the numbers: The SBA says it had processed more than 100,000 loans from over 4,000 lenders as of 3:30pm ET.

Between the lines: The increased activity makes sense, given that the initial PPP ran out of money over a week ago and banks had begun stockpiling applications.

  • It also has resulted in slowed response time and tech crashes, which the SBA acknowledged in a statement.
  • Some new guardrails are intended to better ensure that smaller lenders don't get shut out, but that also could mean longer wait times. On the other hand, lenders can now submit applications in large batches, which should boost the early numbers.

The original PPP doled out $349 billion to 1.66 million small businesses, working out to an average loan size of $206,000. Were that average to hold, it would mean that more than $20 billion of the new $322 billion is already spoken for.

Note: Axios qualified for a loan under this program. More details here.

Go deeper

Why the employee retention credit is an overlooked stimulus issue

Illustration: Eniola Odetunde/Axios

D.C. remains deadlocked on the next stimulus package, days after extended unemployment benefits ended and days before PPP is set to expire.

Where it stands: One unresolved issue that hasn't gotten enough attention is a proposed expansion of the employee retention credit, which could have a significant impact for companies that have experienced severe revenue declines.

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Protests erupt in Belarus after "Europe's last dictator" claims election win

Protesters and riot police clash in Minsk, Belarus, on Sunday during a demonstration against President Alexander Lukashenko's claim of a landslide victory. Photo: Misha Friedman/Getty Images)

Riot police clashed with protesters in Belarus overnight after a government exit poll predicted Sunday President Aleksander Lukashenko, an authoritarian who has ruled the Eastern European country since 1994, had overwhelmingly defeated a pro-democracy opposition candidate.

Why it matters: It's a precarious moment for the former Soviet republic, where decades of repression and a complete disregard for the coronavirus pandemic threaten to topple "Europe's last dictator." Rights groups said at least one protester was killed and dozens more wounded in a "police crackdown," per AP.

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Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 11 a.m. ET: 19,909,062 — Total deaths: 732,128 — Total recoveries — 12,138,271Map.
  2. U.S.: Total confirmed cases as of 11 a.m. ET: 5,053,123 — Total deaths: 163,047 — Total recoveries: 1,656,864 — Total tests: 61,792,571Map.
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