Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
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.