The SBA has released fiscal year 2020 loan data, reporting nearly nine million loans worth $750 billion.
Traditional loans this year exceeded $28 billion, while enactment of the CARES Act dramatically increased the amount of total SBA loans, according to the SBA. The agency reported that the Paycheck Protection Program provided an additional 5.2 million loans worth more than $525 billion, and the economic injury disaster loan program further added another 3.6 million small business loans valued at $191 billion with an additional 5.7 million EIDL advances worth $20 billion.
Regarding PPP loans, the SBA reported that:
- 27% of the PPP loan dollars were made in low-and moderate-income communities;
- more than $133 billion (25%) of PPP loans were approved for small businesses in historically underutilized business zones; and
- over $80 billion (15%) of total PPP dollars were approved to small businesses in rural communities.
Through the EIDL program, $211 billion worth of funds were approved and disbursed, more than three times as many funds for all disasters combined in the agency’s 67-year history, according to the SBA.