There were two PPP loans issued in South Dakota during the week ending May 24. The average loan size in the state was between $1 to 2 million.
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.
| Recipients | Date Received | Dollar Amount Received |
|---|---|---|
| West River Electric Association, Inc. | 2020-05-20 | $1-2 million |
| Web Water Development | 2020-05-22 | $350,000-1 million |
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