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.
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.
In This Issue
Alaska Problems Require Alaska Solutions
On January 16, a fire destroyed the water plant and washeteria in the southwest Alaska village of Tuluksak. For the village of about 350 people, it was a devastating blow. The water plant was the only source of drinking water in the village, in which the primarily Yup’ik residents lack indoor plumbing and rely on honey buckets, not uncommon in the flat, swampy region.