Small businesses across D.C., Virginia and Maryland have seen about $24.34 billion through 183,385 loans approved in total by the Small Business Administration’s $649 billion Paycheck Protection Program as of Saturday, according to the latest numbers from the agency.
The most recent total actually represents a 0.36% drop from the $24.43 billion that the SBA reported through May 16 for D.C., Virginia and Maryland businesses. That dip in loan approvals was echoed nationally, where $513 billion in total approved loans as of May 16 fell 0.4% to $511 billion as of Saturday.
The SBA attributed the drop to “a combination of loans being canceled, returned and duplicates being removed, combined with a slowdown in new applications,” according to a spokesperson.
