The Small Business Administration released a PPP Report with loan approval data through 6/27. There are now 152,382 loans and $14,365,898,579 dollars approved in round 2 of PPP funding in the state of Georgia. 6,759 loans were approved in the last week since June 20th, which is a larger difference in new approvals since the previous week. The net dollar amount of loans given out in the last week is $202,530,337. This means that the average loan given out in Georgia last week was about $29,964.
There have been some instances of PPP Loan fraud across the nation in recent weeks. Just this past week, a star in the show “Love & Hip Hop: Atlanta” was indicted for charges of fraudulent claims in applying for PPP loans and using the money for reasons other than those approved by the SBA.
Many small business owners have become frustrated with the process to apply for PPP loans and receive funding at big banks. This has caused some small businesses to switch their accounts to smaller community banks. Since these smaller banks are less regulated, they are able to avoid some of the “Know Your Customer” rules that big banks need to process before approving loans.