As of April 16, when funding for the program was exhausted, the Small Business Administration had approved 1.66 million loans totaling $342.3 billion through the Paycheck Protection Program, according to updated figures released by SBA today. Approximately 60% of those loans were made by community banks of $10 billion in assets or less. A total of 4,975 lenders were participating in the program as of that date, up from 4,664 from April 13.
The overall average loan size was $206,000, and the vast majority—74%—of PPP loans approved were $150,000 and under. The construction sector has received 13.12% of the PPP funds allocated as of the report date. The professional, scientific and technical services sector received 12.65%, manufacturing received 11.96% and health care and social assistance received 11.65%.
“The Paycheck Protection Program is saving millions of American jobs and helping small businesses get through this challenging time, said Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza in a joint statement accompanying the release of the data. “We urge Congress to protect million more American workers and their families by appropriating additional funding to support PPP.”
ABA continues to strongly advocate for Congress to immediately authorize new funding for the PPP. ABA is encouraging bankers and their small business customers to contact the office of congressional leadership—House Speaker Nancy Pelosi, House Minority Leader Kevin McCarthy, Senate Majority Leader Mitch McConnell and Senate Minority Leader Chuck Schumer—at (202) 224-33121 and ask them to approve more PPP funding expeditiously.