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New data from the Small Business Administration (SBA) on its paycheck protection program (PPP) revealed roughly $7 billion more was disbursed through the program over the last week. Of the $310 billion available through the PPP's Round 2 funding, over $195 billion has now been given out.

The average loan size of Round 2 also continued to decrease, now standing at $70,622. The average loan size from Round 1 of funding was $206,000. The new data, released Saturday, also showed that lenders with more than $50 billion in assets had approved the most loans (almost 1.3 million loans), followed closely by lenders with less than $10 billion in assets (almost 1.1 million loans).

NAFCU's new Economic & CU Monitor report revealed a majority of respondents experienced issues accessing the PPP website, affecting their ability to get loans processed after the program launched. For respondents that are originating PPP loans, almost 80 percent of their loans had gone to businesses with fewer than 10 employees. Read the full member-only report.

NAFCU is working closely with the SBA, Treasury, and Congress to ensure credit unions can lend effectively through the PPP. The association continues to call for more guidance and additional set asides for credit unions and other small lenders in future funding packages to ensure the smallest businesses have access to program loans.

The SBA Friday released an application for paycheck protection program (PPP) loan forgiveness and instructions for borrowers; the application is available in a digitally fillable version. No forgiveness guidance explicitly for lenders has been released.

In addition, the SBA and Treasury continue to release new interim final rules (IFR) and FAQs to address various provisions; the most recent IFR addresses eligibility requirements for entities with foreign affiliates and the latest FAQs address the loan certification safe harbor.

The Office of Inspector General recently released a report that identified areas that need more guidance and clarity, including prioritizing underserved markets, loan forgiveness and deferments, and loan registration.

Access NAFCU's PPP FAQs here; more information is also available on the SBA's and Treasury's websites.