The SBA announced on Wednesday that it has approved $103 billion of Paycheck Protection Program funds to more than 1.4 million small businesses since the second round of the program began in January.
The SBA also said that it had:
- reached more of the smallest businesses; 82% of all loans going to businesses requesting less than $100K;
- reached rural communities in a meaningful way; 28% of businesses who have received funding this round are in rural communities; and
- increased partnerships with CDFIs and MDIs who are trusted agents in extending economic relief to minority communities and underserved populations.
Additionally, the SBA said it is taking steps to address data mismatches and eligibility concerns, including the following changes:
- enabling lenders to directly certify eligibility of borrowers for first-draw and second-draw loan applications with validation errors to ensure businesses that need funds and are eligible receive them as quickly as possible;
- allowing lenders to upload supporting documentation of borrowers with validation errors during the forgiveness process; and
- creating additional communication channels with lenders to assure the SBA is improving equity, speed and integrity of the program, including an immediate national lender call to brief them on the platform’s added capabilities.
As previously reported, SBA loans topped $750 billion in 2020.