There were 6,513 PPP loans issued in Michigan 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 | 8 | 18 | 10 | 2 | 2 | 0 | 1 |
| $2-5 million | 38 | 51 | 24 | 8 | 10 | 0 | 22 |
| $1-2 million | 92 | 118 | 70 | 19 | 50 | 1 | 45 |
| $350,000-1 million | 350 | 471 | 217 | 139 | 256 | 4 | 264 |
| $150,000-350,000 | 746 | 1155 | 387 | 340 | 716 | 20 | 859 |
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