Small-Business Loans Reach $156 Billion Under New U.S. Rules

Almost 2.2 million loans for U.S. small businesses were approved as of last week, totaling $156 billion, after the Biden administration opened a two-week window of exclusive access for companies with fewer than 20 employees.

• The weekly data, released Tuesday by the U.S. Small Business Administration, were the first look into the Paycheck Protection Program since the exclusivity period started Feb. 24. The goal is to reach businesses that often had been left behind in the program last year.

Key Insights

• The pace of approval hasn’t changed much since the exclusivity period started. About 276,000 new loans were approved from ...