WASHINGTON, D.C. (WWTI) — The United States Small Business Administration provided a weekly update on Tuesday regarding the latest round of the Paycheck Protection Program.
As the SBA is continuing to assist U.S. small businesses with First Draw and Second Draw Paycheck Protection Program loans, they reported on February 8 that so far over $100 billion have been approved in the 2021 lending round.
According to the SBA, in the first month of the newest round of funding, over 82% of PPP loans were approved for $100,000 or less and almost 70% were approved for loans $50,000 or less. The average loan size fell from last week and now stands at $78,000.
A loan breakdown for the 2021 Paycheck Protection Program is listed below. Breakdowns are separated by First and Second Draw loans. Nearly 72% of all loans in the newest round are Second Draw PPP loans.
|First Draw Loans||Loans Approved||Net Dollars||Average Loan Size||Lender Count|
|Total First Draw Loans||357,923||$7,564,413,340||$21,134||4,675|
|First Draw Loans with 10 or fewer employees||348,416||$5,337,742,768||$15,320||4,642|
|First Draw Loans LMI & Less than $250K||70,231||$1,257,134,191||$17,900||3,182|
|Second Draw Loans||Loans Approved||Net Dollars||Average Loan Size||Lender Count|
|Total Second Draw Loans||932,855||$93,360,203,961||$100,080||5,015|
|Second Draw Loans with 10 or fewer employees||684,106||$23,441,892,464||$34,266||4,982|
|Second Draw Loans LMI & Less than $250K||190,666||$10,316,278,028||$54,107||4,157|
Included below is specific data for New York State.
|PPP Loans||Dollars Approved|
|New York State||78,372|
(+26,705 from last week)
(+$2,325,319,654 from last week)
Additionally, as of February 8, the top five industries receiving approvals for the Paycheck Protection Program continue to be accommodation and food service, construction, manufacturing, professional, scientific and technical services and health care and social assistance.
The most recent round of the Paycheck Protection Program was approved in December 2020 and was open from January 11 to January 24, 2021.
The Small Business Administration announced plans to release updated data on a weekly basis until March 31, 2021.