In the US, about 2.2 million small business loans worth $175bn have been taken out since 27th of April, through a government coronavirus relief package.
Officials said on Sunday that the average size of each Payroll Protection Program loan was $79,000, indicating that “the smallest of small businesses” are using the scheme.
The programme is designed to help businesses pay employees and stay afloat as Covid-19 restrictions across the US take their toll.
Nearly four million loans have been processed since the programme was rolled out last month.
