Update on SBA PPP Loan Numbers

The US Small Business Administration has provided the following update on the Paycheck Protection Program.

According to the SBA, as of April 28:

• More than 475,000 loans, valued at more than $52 billion and processed by more than 5,100 lenders, were approved.
• Small lenders are leading the way. More than 331,000—or nearly 70 perdcent of all loans approved—are from small lenders with fewer than $10 billion in assets, typically community financial institutions and smaller federally-insured banks and credit unions.
• When combined with medium lenders who have assets between $10 and 50 billion, 87 percent of all approved loans (415,000 of 475,000) have been made by small and medium lenders.
• In terms of dollar volume, nearly $30 billion in approved loans are from small lenders; $40 billion in approved loans are from both small and medium lenders combined.
• So far, 77 percent of loan volume has been processed by small and medium lenders.
• The Paycheck Protection Program and Health Care Enhancement Act stated a minimum of $30 billion in PPP loans needed to be processed by small lenders. This cap has already been reached as loans from small lenders continue to be approved.