U.S. Markets

Over $52 billion in small business relief loans approved by midday Tuesday: SBA

WASHINGTON (Reuters) - The U.S. Small Business Administration reported Tuesday that it had approved over $52 billion in small business relief loans in roughly a day and a half since the program restarted.

The SBA said that as of 1 p.m. ET on Tuesday, it had approved 475,000 small business loans for the Paycheck Protection Program (PPP), spread across 5100 lenders. Community banks with less than $10 billion in assets had already seen 331,119 loans approved totaling nearly $30 billion.

The SBA has been processing applications for the loans since 10:30AM Monday, after Congress authorized an additional $310 billion for the relief program.

Reporting by Pete Schroeder, Editing by Franklin Paul