Since the start of the year to Jan. 31, the Small Business Administration has approved nearly 900,000 loans totaling $72.7 billion through its Paycheck Protection Program, according to a report released yesterday. A total of 4,077 banks—81% of all banks—were participating in the 2021 program at the time the report was issued, making 86.6% of loans and lending 93% of PPP dollars. Since the start of the program, $596 billion has been approved for 6.04 million loans from 5,460 lenders, according to the report.
In 2021, 67.9% of all loans made so far were amounts under $50,000, and 78.9% of loans have gone to firms with 10 employees or less. Overall, the average loan size was $82,000. 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.