Charlotte, North Carolina – As part of the continued transparency of economic aid programs, the U.S. Small Business Administration (SBA) recently released data summarizing Paycheque Protection Program (PPP) loan approvals until January 24, 2021.
The SBA reopened the PPP on January 11 with $ 284 billion earmarked through the Economic Aid Act. So far in this round of funding, 5,349 PPP loans worth $ 447,450,478 have been approved by the SBA in North Carolina.
In the Southeastern region of the SBA – which serves Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina and Tennessee – a total of over 53,000 PPP loans valued at over $ 1.7 billion have been approved.
Nationally, more than 400,000 loans worth over $ 35 billion have been approved under this cycle. Overall, the average loan size is $ 87,000. In total, all PPP loans approved in 2020 combined with this cycle total more than 5.5 million PPP loans for a total of $ 557.8 billion.
“We are encouraged to see the very high number of PPP loans that have been approved so far during this last round of PPP in the South East region. This much needed financial assistance is intended to provide economic assistance to small businesses and other eligible entities, especially businesses located in low income areas and underserved communities, ”said Janita R. Stewart, Acting Regional Administrator. “Our intention for this PPP cycle is to help entrepreneurs in areas that may not have had the opportunity to use the program in the first phase of the PPP, as well as business owners who are ready to apply for a second PPP loan to continue their collection. . ”
the Full PPP report of January 24, 2021 includes national information on types of lenders, loan sizes, industries and borrower demographics.
The data published in the report is a snapshot of the PPP loan portfolio as of January 24, 2021. Loan changes or cancellations made after this date will not be reflected in the report.
About 4,500 lenders across the country participate in P3 this cycle. PPP loans are granted by credit institutions and then guaranteed by the SBA.
To better serve underserved communities – including small businesses owned by minorities, women and veterans – the SBA has provided dedicated access to community financial institutions (CFIs) that specialize in serving these communities. At least $ 15 billion is earmarked for PPP loans by CFIs, which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Corporations (CDCs) and Intermediaries of microcredit. CFIs can be located (as well as all PPP lenders) using Match lender.
While the PPP loan application specifically asks for demographic information about borrowers so that the agency can better understand which small businesses benefit from PPP loans, the data reflects information submitted by lenders to the SBA.
The deadline to apply for a PPP loan is March 31, 2021 or while the appropriate funds are used up.
Updated PPP information – including forms, tips, resources, lender information and data – is www.sba.gov/ppp. Information on all SBA coronavirus relief funding is available at www.sba.gov/coronavirusrelief.