$1.58B in new funding issued in state

Nationwide, $284B has been appropriated

The U.S. Small Business Administration (SBA) has released data summarizing Paycheck Protection Program (PPP) loan approvals made through Jan. 24. The Paycheck Protection Program was reopened by the SBA on Jan. 11, with $284 billion appropriated through the Economic Aid Act.

So far in this round of funding, more than 15,000 PPP loans valued at more than $1.58 billion have been approved by the SBA in Pennsylvania.

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. Combining the PPP loans approved in 2020 with this round — more than 5.5 million PPP loans totaling $557.8 billion have been approved.

“With about four of five PPP loans under $100,000 in this round, it’s clear we’re having early success in targeting smaller businesses as we intended,” John Fleming, SBA Mid-Atlantic Acting Regional Administrator, said in a press release. “Local SBA staff, lenders and partners are working together to connect small and micro businesses with the funding they need to recover and confidently move their business forward.”

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.

“The PPP is off to another great start helping our nation’s economy,” Steve Dixel, SBA Eastern Pennsylvania District Director, said in the release. “We’re definitely seeing demand from borrowers and have a significant number of lenders participating in the program. In Pennsylvania we’ve seen over 500 lenders and community financial institutions participating in the PPP Program. These exceptional results demonstrate the strong relationships SBA enjoys with our lending partners.”

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.

To best serve underserved communities — including minority-, women- and veteran-owned small businesses — the SBA provides dedicated access to community financial institutions (CFIs) specializing in serving these communities, according to the release. At least $15 billion is set aside for CFIs, which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs) and Microloan Intermediaries.

The SBA Eastern Pennsylvania 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 Eastern Pennsylvania District staff with SCORE and Pennsylvania Small Business Development Centers by registering at Webinars, Workshops & Seminars | SCORE or SBA Emergency Loan Webinar | SBDC.

The deadline to apply for a PPP loan is March 31, 2021 or until appropriated funding runs out. Find updated PPP information – including forms, guidance, resources, lender information and data–at www.sba.gov/ppp. Information about all SBA coronavirus relief funding is available at www. sba.gov/coronavirusrelief.