7fridays, Inc. received a Paycheck Protection Program loan for between $150,000 and $350,000 on May 1, according to the US Treasury Department.
There were 7,380 PPP loans issued in Illinois 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 | 26 | 7 | 2 | 4 | 0 | 0 | 13 |
| $2-5 million | 53 | 33 | 18 | 13 | 10 | 1 | 40 |
| $1-2 million | 151 | 93 | 26 | 40 | 43 | 3 | 83 |
| $350,000-1 million | 558 | 391 | 120 | 119 | 375 | 11 | 391 |
| $150,000-350,000 | 982 | 1070 | 303 | 311 | 1102 | 30 | 958 |
