Electron Coil, Inc. received a Paycheck Protection Program loan for between $150,000 and $350,000 on April 28, according to the US Treasury Department.
There were 21,249 PPP loans issued in New York during the week ending May 3 and the average loan amount was between $150,000 and $350,000.
There are approximately five million approved PPP loans with a total of $517,451,965,102 set aside for funding, according to the Small Business Administration. The average loan size was around $105,000 with over 5,000 lenders currently participating in the program.
The program was slow to get off the ground when it was crushed by an onslaught of would-be applicants. Another major criticism of the program pertained to who was receiving the loans. A program that was meant for small businesses witnessed the Los Angeles Lakers receive $4.6 million from the program. The Lakers qualified for the program under the rules as written but returned the funds according to a Laker’s statement provided to news outlets.
| Apr 27 | Apr 28 | Apr 29 | Apr 30 | May 1 | May 2 | May 3 | |
|---|---|---|---|---|---|---|---|
| $5-10 million | 45 | 45 | 4 | 18 | 8 | 2 | 13 |
| $2-5 million | 185 | 187 | 66 | 46 | 100 | 7 | 58 |
| $1-2 million | 395 | 383 | 123 | 106 | 248 | 10 | 156 |
| $350,000-1 million | 1159 | 1533 | 506 | 460 | 1428 | 61 | 825 |
| $150,000-350,000 | 1852 | 2808 | 1153 | 1017 | 4000 | 156 | 2086 |
