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.
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April 2024
SBA Pacific Northwest Regional Administrator Jeremy Field stated: “The SBA is committed to see funding go to the small businesses that need it most in a process that is fast and fair. We continue to work diligently with local small business lenders and collaborate with resource partners. This snapshot of data supports what we’re hearing anecdotally: more jobs and businesses are being saved with help from PPP loans.”
Alaska-specific data is available in the Paycheck Protection Program (PPP) Report, which was published April 16. According to that report, 4,842 Alaska businesses have been approved for PPP loans for a total of $922 million. Nationwide, according the report, the construction industry received the highest amount of funds at approximately $45 billion, though the highest number of loans, 208,360, were issued to professional, scientific, and technical services.
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