Pinnacle Specialty Group, Inc. received a Paycheck Protection Program loan for between $2 and $5 million on April 30, according to the US Treasury Department.
There were 2,151 PPP loans issued in South Carolina 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 | 3 | 2 | 0 | 0 | 0 | 0 | 2 |
| $2-5 million | 15 | 12 | 2 | 7 | 2 | 0 | 9 |
| $1-2 million | 43 | 24 | 8 | 15 | 1 | 1 | 23 |
| $350,000-1 million | 145 | 124 | 50 | 56 | 14 | 3 | 111 |
| $150,000-350,000 | 379 | 356 | 200 | 214 | 43 | 6 | 281 |
