SBA Report: $101 Billion in PPP Loans Approved in 2021

Since the start of the year to Feb. 7, the Small Business Administration has approved 1.3 million loans totaling $100.9 billion through its Paycheck Protection Program, according to new figures released today. A total of 4,161 banks were participating in the 2021 program at the time the report was issued.

In 2021, 69.7% of all loans made so far were amounts under $50,000. Overall, the average loan size was $78,000. About half of the funds allocated so far have gone to four sectors: accommodation and food services; professional, scientific and technical services; the construction sector; and manufacturing. Since the start of the program, $623 billion has been approved for 6.43 million loans from 5,468 lenders, according to SBA.