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.

Updated 57 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Chris Christie: Wear a mask "or you may regret it — as I did" — Senate Democrats block vote on McConnell's targeted relief bill.
  2. Business: New state unemployment filings fall.
  3. Economy: Why the stimulus delay isn't a crisis (yet).
  4. Health: FDA approves Gilead's remdesivir as a coronavirus treatment How the pandemic might endMany U.S. deaths were avoidable.
  5. Education: Boston and Chicago send students back home for online learning.
  6. World: Spain and France exceed 1 million cases.

FBI: Russian hacking group stole data after targeting local governments

FBI Headquarters. Photo: Mark Wilson/Getty Images

Energetic Bear, a Russian state-sponsored hacking group, has stolen data from two servers after targeting state and federal government networks in the U.S. since at least September, the FBI and Cybersecurity and Infrastructure Security Agency said on Thursday.

Driving the news: Director of National Intelligence John Ratcliffe announced Wednesday that Iran and Russia had obtained voter registration information that could be used to undermine confidence in the U.S. election system.

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