United State Small Business Administration It said Tuesday it approved more than $ 5 billion in relief loans to small businesses in the first week since the payroll protection program reopened as part of a new round of federal funding.

Get your FOX business on the go by clicking here

The Small Business Administration said in a statement that loans, which turn into grants if borrowers follow guidelines including using money primarily to cover salaries, have gone to 60,000 companies through 3,000 lenders.

In the last round of PPP loans in April, the agency approved more than $ 52 billion to 475,000 borrowers in the first day and a half.

Yellen urges Congress to ‘act big’ on coronavirus relief spending: ‘More must be done’

The slower pace this time was partly by design: borrowing this first week was limited to lenders specializing in disadvantaged communities, including minority-owned businesses, women, veterans, and small lenders.

Click here to read more about FOX BUSINESS

Starting Tuesday, the program – funded by $ 284 billion in December’s pandemic relief package of $ 892 billion – is open to all lenders.

(Prepared by Pete Schroeder in Washington, edited by Franklin Ball and Matthew Lewis)