SEATTLE – The U.S. Small Business Administration (SBA) released an updated Paycheck Protection Program (PPP) Report detailing data from the second round of PPP funding through May 8.
This report contains PPP loan numbers and volume by state along with lender segments – including PPP loans made by CDFIs, MDIs, non-banks and lenders with less $1 billion in assets.
The following is a summary of all available PPP data for Washington state plus national numbers for reference:
Washington PPP Loan Numbers
- Round 1 As of April 16 – 30,421
- Round 2 As of May 8 – 58,149
- Total As of May 8 – 88,570
Washington PPP Loan Volume
- Round 1 As of April 16 – $7 billion
- Round 2 As of May 8 – $5.4 billion
- Total As of May 8 – $12.4 billion
National PPP Loan Numbers*
- Round 1 As of April 16 – 1,661,367
- Round 2 As of May 8 – 2,575,182
- Total As of May 8 – 4.2 million
National PPP Loan Volume*
- Round 1 As of April 16 – $342 billion
- Round 2 As of May 8 – $188 billion
- Total As of May 8 – $530 billion
*National numbers as of May 10
National summaries continue to be updated daily on www.sba.gov/paycheckprotection. The latest national data available is from May 10.
More than $122 billion in PPP funds are still available for small businesses impacted by the Coronavirus outbreak.
So far in round two, the overall average loan size is $73,000 compared to $206,000 in round one.
Just over half of all loans made in round two have been made by small and medium lenders, those with less than $10 billion in assets and between $10 and $50 billion in assets, respectively.
As of May 10, nearly $60 billion in approved loans have been made by small lenders in round two. This is nearly double the $30 billion set-aside amount for small lenders defined in the Paycheck Protection Program and Health Care Enhancement Act.