Second round of Paycheck Protection Plan loans smaller in Indiana

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INDIANAPOLIS (WOWO): Indiana businesses are getting a smaller piece of the pie from the federal Paycheck Protection Program this time around.

According to the Journal Gazette, Hoosier lenders have been approving loans of about $64,900 per borrower, which is $15,000 less than the national average and more than $143,000 less than what they gave businesses during the first phase of the COVID-19 response program.

The national program drew controversy with its first phase, as money quickly ran out, thanks to banks approving loans for big, publicly-traded companies, even including the Los Angeles Lakers of the NBA, instead of smaller businesses that critics say needed the help more.

Many of those bigger recipients ended up returning the funds after public outcry.

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