Source: US Small Business Administration, April 29, 2020
Paycheck Protection Program (PPP) Progress Report
Yesterday morning the SBA resumed processing PPP loans with additional funding from the Paycheck Protection Program and Health Care Enhancement Act signed into law April 24. The following is a national snapshot progress report of PPP loan approvals made yesterday through this morning:
- More than 475,000 loans valued at more than $52 billion processed by more than 5,100 lenders were approved.
- Small lenders are leading the way. More than 331,000 – or nearly 70% of all loans approved – are from small lenders with fewer than $10 billion in assets, typically community financial institutions and smaller federally-insured banks and credit unions.
- When combined with medium lenders who have assets between $10 and $50 billion, 87% of all approved loans have been made by small and medium lenders.
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From SBA Pacific Northwest Regional Administrator Jeremy Field:
“The SBA is committed to see funding go to the small businesses that need it most in a process that is fast and fair. We continue to work diligently with local small business lenders and collaborate with resource partners. This snapshot of data supports what we’re hearing anecdotally: more jobs and businesses are being saved with help from PPP loans.”