Just over 81,000 Paycheck Protection Program loans totaling more $20 billion have been approved in New York state, making it the third largest recipient of the small business loans in the country as of April 16, according to an SBA report issued on Friday.
The PPP, which lenders could begin utilizing on April 3 to help small businesses overcome the challenges created by the COVID-19 pandemic, exhausted its $350 billion funding capacity April 16 as U.S. lawmakers remained in a stalemate over how to allocate more money. The PPP is slated to be available through June 30, 2020.
Some highlights from SBA’s PPP report include:
- Total loans approved: More than 1.6 million.
- Net approved dollars: Nearly $343 billion (not including the amount required for reimbursement to lenders per statute within the CARES Act).
- Number of lenders: Nearly 5,000.
The largest amount of loans were approved for small businesses in Texas (more than $28 billion) and California (more than $33 billion), according to the report.
Overall, the majority of loans approved were for $150,000 or less, according to the report. Just over 13% of loans were approved in the $150,000 to $350,000 range and 8% of approved loans were in the $350,000 to $1 million range. A small portion of approved loans ranged from $1 million to $5 million, according to the report.
The top five industries in the United States with small businesses receiving loan approvals include:
- professional scientific and technical services;
- health care and social assistance; and
- accommodation and food services.
The full report can be accessed on SBA’s website.
The New York Credit Union Association continues to help credit unions navigate the PPP through its resource center, which includes links, resources, frequently asked questions and other valuable information. Updated information is added as the Association receives it.
The PPP resource center can be accessed on the Association’s website.