SEATTLE – The U.S. Small Business Administration (SBA) released an updated Paycheck Protection Program (PPP) Report detailing total data from both rounds of PPP funding through May 30.
The following is summary of all available PPP data for Washinton State plus national numbers:
Washington Loan Numbers
As of May 30: 92,627
As of May 16: 90, 505
Washington Loan Volume
As of May 30: $12 billion
As of May 16: $12.1 billion
National Loan Numbers
As of May 30: 4.4 million
As of May 16: 4.3 million
National Loan Volume
As of May 30: $510 billion
As of May 16: $513 billion
The totals in the report reflect cancellations due to duplicative loans, loans not closed for any reason, and loans that have been paid off. This includes repayment from the safe harbor deadline the SBA implemented to allow businesses owned by large companies with adequate sources of liquidity to repay the PPP loan in full if the loan was approved prior to the guidance provided April 24.
“While more businesses are keeping employees on their payroll with help from the Paycheck Protection Program, there is still more than $100 billion in PPP funds available for small businesses, independent contractors, nonprofits and tribal businesses,” SBA Pacific Northwest Regional Administrator Jeremy Field said. “This forgivable loan is providing much-needed financial relief to tens of thousands of small businesses in the Northwest. However, we know there are more people who can benefit. We are urging all small employers and those who are self-employed to connect with a local lender to apply for PPP funds now.”
Last week, the SBA – in consultation with the U.S. Treasury Department – announced it was setting aside $10 billion of Round 2 funding for the PPP to be lent exclusively by Community Development Financial Institutions (CDFIs).
CDFIs work to expand economic opportunity in low-income communities by providing access to financial products and services for local residents and businesses. These dedicated funds will further ensure that the PPP reaches all communities in need of relief during the COVID-19 pandemic.
More information about the PPP is available at www.sba.gov/paycheckprotection.