The SBA published its latest Paycheck Protection Program report, and as of April 18, 2021, more than 9.8 million PPP loans totaling more than $762 billion have been guaranteed by the SBA since the program’s inception in 2020.
For the current round of PPP funding, which began on January 11, 2021, the SBA has guaranteed more than 4.7 million PPP loans for more than $240 billion after submission from 5,244 participating lenders. This represents an over-321,000 increase in guarantees since last week, with an increase of more than $7.36 billion in net dollars approved during that time, according to the SBA.
New York state has the second largest amount of net-approved PPP dollars for 2021, behind only California, according to the report. Nationwide in 2021, credit unions with assets less than $10 billion accounted for nearly $4.7 billion in loans, while those with assets over $10 billion have approved more than $412 million, according to the report.
Other highlights, according to the SBA include:
- 82.6% of all 2021 PPP loans (approximately 3.91 million) are for $50,000 and under (up 1% from 81.6% the previous week for this statistic) and to date, over 25% of all 2021 PPP dollars approved fall in this loan size threshold);
- 90.1% of all 2021 PPP loans are for $100,000 or under; and
- 93.8% of all 2021 PPP loans are for $150,000 or under.
The average 2021 PPP loan size dropped to approximately $51,000, continuing to show that the smallest of the small businesses, mom-and-pop businesses, for example, are receiving this vital economic aid. Additionally, as of April 14, 2021, the remaining appropriation of PPP funds was $44 billion, according to the SBA.