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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

Dan Primack, author of Pro Rata
Aug 5, 2020 - Economy & Business

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.

CCP releases two jailed Canadians after Huawei CFO deal with DOJ

Photo: Sheldon Cooper/SOPA Images/LightRocket via Getty Images

Two Canadians imprisoned by the Chinese government for over 1,000 days have been released and are expected to arrive in Canada on Saturday, Prime Minister Justin Trudeau said Friday.

Why it matters: Their release comes hours after Huawei Technologies CFO Meng Wanzhou reached a deal with the U.S. Department of Justice that resolves the criminal charges against her and could pave the way for her to return to China.

Updated 19 hours ago - Politics & Policy

Arizona GOP's private recount of 2020 election confirms Biden's win

Contractors working on behalf of the GOP examine and recount 2020 ballots at Arizona Veterans Memorial Coliseum in Phoenix in May. Photo: Courtney Pedroza/Getty Images

In an odd coda to the 2020 election, private contractors conducting a GOP-commissioned recount in Arizona confirmed President Biden’s win in Maricopa County.

Why it matters: The unofficial, party-driven recount has been heavily covered on cable news as part of former President Trump's continued effort to sow doubt about the election result.

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