WASHINGTON – A quick note to keep you up to date on SBA’s economic aid efforts: new PPP and Shuttered Venue Operators Grant information posted today, per below. It is expected rules re: the recently announced PPP changes will be released this week. The SBA understands many are curious about them and how they will work.
Overall economic aid SBA COVID Relief Program Report (as of Feb. 25), featuring top level data such as:
- Approximately 92% of all PPP loans have been to businesses with 20 employees or fewer
- Accommodation and Food Services account for 18% of all PPP lending, driven primarily by restaurants
- Across all PPP loan sizes, over 99% of loan value has been forgiven on loans that have completed the forgiveness process
- $200 billion via 3.7 million Economic Injury Disaster Loans have been approved
- Approximately 78% of all EIDLs are less than $100,000 and retail trade accounts for approximately 15% of all EIDL lending
Paycheck Protection Program (all data can be found on the PPP data web page)
- PPP Weekly Report (as of Feb. 28)
- In total, the SBA has guaranteed more than 7.3 million PPP loans to keep employees on payroll and support operations during this pandemic.
- Since the PPP re-opened on Jan. 11, 2021, nearly 2.2 million PPP loans totaling more than $156 billion have been guaranteed by the SBA.
- Approximately 73% of these 2021 PPP loans are $50,000 or less, 84% are for $100,000 or less and 90% are for $150,000 or less.
- $71,000 is the average PPP loan amount; this has declined $16,000 since January, further confirming the smallest businesses needing the PPP loans the most are accessing the economic aid.
- Top-line PPP Forgiveness data (as of Feb. 25), showing 1.7 million PPP loans have been forgiven and 242,000 are under review
Shuttered Venue Operators Grant program – new FAQs (as of Feb. 28)
For detailed information on SBA programs for the coronavirus, visit www.sba.gov/coronavirusrelief and for information on all federal programs, visit www.usa.gov/coronavirus or www.gobierno.usa.gov/coronavirus (en Español).
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
