SBA Resumes Accepting PPP Applications, Releases Program Data

The US Small Business Administration (SBA) has resumed accepting applications in response to the Paycheck Protection Program Extension Act. The new deadline to apply for a Paycheck Protection Program loan is August 8, 2020.

SBA Pacific Northwest Regional Administrator Jeremy Field said about the resumption of the PPP: “More than 200,000 small businesses in the Pacific Northwest have already received nearly $23 billion in PPP funds, preserving critical jobs and institutions in our region. The impact felt from the Coronavirus pandemic is strong, but small businesses are stronger. The Paycheck Protection Program Extension Act provides an additional month for small businesses, tribal businesses, nonprofits, sole proprietors, independent contractors and those who are self-employed to benefit from this forgivable loan program. The PPP gives employees peace of mind and businesses the financial relief they need to weather the pandemic and continue moving forward.”

The SBA has also released detailed loan-level data regarding the loans made under the Paycheck Protection Program (PPP). This disclosure covers each of the 4.9 million PPP loans that have been made.

“The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country,” said Secretary Steven T. Mnuchin.  “We are particularly pleased that 27 percent of the program’s reach in low and moderate income communities which is in proportion to percentage of population in these areas. The average loan size is approximately $100,000, demonstrating that the program is serving the smallest of businesses,” he continued. “Today’s release of loan data strikes the appropriate balance of providing the American people with transparency, while protecting sensitive payroll and personal income information of small businesses, sole proprietors, and independent contractors.”

“The PPP is an indisputable success for small businesses, especially to the communities in which these employers serve as the main job creators,” said Administrator Jovita Carranza.  “In three months, this Administration was able to act quickly to get funding into the hands of those who faced enormous obstacles as a result of the pandemic. Today’s data shows that small businesses of all types and across all industries benefited from this unprecedented program. The jobs numbers released last week reinforce that PPP is working by keeping employees on payroll and sustaining millions of small businesses through this time.”