As part of ongoing transparency of economic aid programs, the U.S. Small Business Administration (SBA) 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, more than 6,300 PPP loans valued at $853 million have been approved by the SBA in Washington state.
In the SBA Pacific Northwest Region – which serves Alaska, Idaho, Oregon and Washington – a total of nearly 13,000 PPP loans valued at more than $1.5 billion have been approved.
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.
“We’re encouraged to see approximately four out of five PPP loans this round are under $100,000, which indicates the intended, smaller businesses are benefiting from the PPP,” SBA Pacific Northwest Acting Regional Administrator Martin Golden said. “Local SBA staff, lenders and partners are committed to 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 has provided dedicated access to community financial institutions (CFIs) that specialize in serving these communities. At least $15 billion is set aside for PPP lending by CFIs which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs) and Microloan Intermediaries.
While the PPP loan application expressly requests demographic information of borrowers so that the agency can better understand which small businesses are benefiting from PPP loans, the data reflects the information submitted by lenders to the SBA.
The SBA Seattle 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 Seattle District staff. The next webinar is Jan. 29 at 10 a.m. PST.
The deadline to apply for a PPP loan is March 31, 2021 or until appropriated funding runs out.
Updated PPP information – including forms, guidance, resources, lender information and data– is at www.sba.gov/ppp. Information about all SBA coronavirus relief funding is available at www.sba.gov/coronavirusrelief.