WASHINGTON, DC (WWTI) – Small businesses across the country continue to receive funds from the second cycle of the Paycheck Protection Program.
The US Small Business Administration released a report on Wednesday detailing data from the COVID-19 Paycheck Protection and Economic Aid program. SBA regional communications director Matthew Coleman said the updated figures “show that the last cycle of the paycheck protection program is running smoothly.”
In the most recent funding round opened since Jan. 11, 2021, more than 1.6 million loans were guaranteed by the Small Business Administration for a total of $ 125.75 billion. Additionally, over 70% of all P3 loans in 2021 were for $ 50,000 or less, which, according to Coleman, “shows that the current P3 cycle is successfully reaching small borrowers.”
Specifically for New York State, 107,288 Paycheck Protection Program loans have been approved for a total of $ 9,742,058,175, an increase of over $ 2 billion since the last report.
A breakdown of the loans for the 2021 Paycheck Protection Program is shown below. The distributions are separated by the loans from the first and second draws.
|First draw ready||Approved loans||Net dollars||Average loan size||Number of lenders|
|Total First Draw Loans||501,036||$ 10,859,922,447||$ 21,675||4 838|
|First Draw loans with 10 or fewer employees||486,771||$ 7,635,404,578||$ 15,686||4 811|
|LMI first draw loans and less than $ 250,000||113,422||$ 2,122,434,634||$ 18,713||3 485|
|Loans for the second draw||Approved loans||Net dollars||Average loan size||Number of lenders|
|Total Second Draw Loans||1,172,671||$ 114,890,682,313||$ 97,974||5,088|
|Second-draw loans with 10 or fewer employees||865,129||$ 29,316,892,299||$ 33,887||5,053|
|LMI second draw loans and less than $ 250,000||242,661||$ 12,904,270,785||$ 53,178||4,294|
According to the SBA, 31% of loans have already completed the forgiveness process; accounting for 27% of the total PPP volume in 2020. In addition, for all loan sizes, over 99% of the value of PPP loans were canceled loans that completed the cancellation process.
The SBA also noted that the main industries receiving PPP approvals continue to be accommodation and food services, construction, professional, scientific and technical services, health and social assistance, and manufacturing.
Overall, the Paycheck Protection Program has guaranteed over 6.8 million loans for over $ 6,481. billion since 2020.