To ensure transparency of economic aid programs, the U.S. Small Business Administration (SBA) recently released data summarizing Paycheck Protection Program (PPP) loan approvals made through Jan. 24, 2021. The SBA re-opened the PPP Jan. 11 with $284 billion appropriated through the Economic Aid Act. So far in this round of funding, 6,293 PPP loans valued at over $681 million have been approved by the SBA in Maryland.
Nationally, more than 400,000 loans valued at more than $35 billion have been approved this round. Overall, the average loan size is $87,000. Accumulatively, all PPP loans approved in 2020 combined with this round total more than 5.5 million PPP loans totaling $557.8 billion.
“With about four of five PPP loans under $100,000 in this round, it’s clear we’re having early success in targeting smaller businesses as we intended,” SBA Mid-Atlantic Acting Regional Administrator John Fleming said. “Local SBA staff, lenders and partners are working together to connect small and micro businesses with the funding they need to recover and confidently move their business forward.”
The full Jan. 24, 2021 PPP Report includes national information on lender types, loan sizes, industries, and borrower demographics. The data released in the report is a snapshot of the PPP loan portfolio as of Jan. 24, 2021. Any loan changes or cancellations made after this date will be not reflected in the report. Approximately 4,500 lenders nationwide are participating in the PPP this round. PPP loans are made by lending institutions and then guaranteed by the SBA.
To best serve underserved communities – including minority-, women- and veteran-owned small businesses – the SBA provides dedicated access to community financial institutions (CFIs) specializing in serving these communities. At least $15 billion is set aside for CFIs, which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs) and Microloan Intermediaries.
The SBA Baltimore District continues to work in close partnership with the local SBA Resource Partner Network and expand on multilingual access and outreach about the PPP. Interested borrowers can attend PPP informational webinars presented by SBA Baltimore District staff and resource partners; visit our calendar of upcoming sessions.
The deadline to apply for a PPP loan is March 31, 2021 or until appropriated funding runs out. Find updated PPP information – including forms, guidance, resources, lender information and data–at www.sba.gov/ppp. Information about all SBA coronavirus relief funding is available at www.sba.gov/coronavirusrelief.