Chosun Galbee Restaurant, Inc. received a Paycheck Protection Program loan for between $350,000 and $1 million on April 30, according to the US Treasury Department.
There were 42,728 PPP loans issued in California 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 | 61 | 49 | 10 | 25 | 3 | 2 | 54 |
| $2-5 million | 323 | 233 | 80 | 122 | 53 | 2 | 233 |
| $1-2 million | 645 | 578 | 211 | 298 | 207 | 16 | 596 |
| $350,000-1 million | 2130 | 2538 | 931 | 1428 | 1324 | 120 | 3251 |
| $150,000-350,000 | 3605 | 5012 | 2462 | 3581 | 4025 | 369 | 8151 |
