New York has 2nd largest amount of approved Paycheck Protection Program dollars in 2021, SBA says

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FILE – In this April 28, 2020 file photo, a closed sign is posted at a restaurant along the River Walk in San Antonio. Banks are reporting a little more success in getting small business owners’ applications for coronavirus relief loans into government processing systems. Bank industry groups says changes the Small Business Administration made in its procedures apparently are helping lenders trying to submit thousands of applications for $310 billion in loans. (AP Photo/Eric Gay, File)

WASHINGTON, D.C. (WWTI) — Trailing after the latest round of Paycheck Protection Program, hundreds of thousands of loans have been approved in New York State.

The United States Small Business Administration published its newest Paycheck Protection Program report on Monday, showing approvals up to March 7, 2021. According to the SBA, since the 2021 Paycheck Protection Program began on January 11, over 2.4 million loans have been granted, guaranteeing over $156.2 billion for small businesses across the country.

The SBA also confirmed that the average 2021 PPP loan size is continuing to drop, now standing at $68,000. The Administration stated that this “analysis showing the current round of PPP is successfully reaching smaller borrowers.”

In New York State 159,782 Paycheck Protection Program loans have been approved, guaranteeing $13,18,759,422 in funding. The state has the second largest amount of net approved PPP dollars for 2021 and the fourth largest number of PPP loans that has received federal guarantee.

Top industries supported by the Paycheck Protection program include Accommodation and Food Service, Construction, Professional, Scientific and Technical Services and Health and Social Assistance.

A summary of 2021 Paycheck Protection Program approvals through March 7 is detailed below:

First Draw LoansLoans ApprovedNet DollarsAverage Loan SizeLender Count
Total First Draw Loans804,128$17,399,482,515$21,6385,006
First Draw Loans with 10 or fewer employees781,742$12,418,729,030$15,8864,985
First Draw Loans LMI & Less than $250K205,101$3,858,589,782$18,8133,964
Second Draw LoansLoans ApprovedNet DollarsAverage Loan SizeLender Count
Total Second Draw Loans1,604,977$147,551,068,317$91,9335,159
Second Draw Loans with 10 or fewer employees1,212,252$39,580,435,699$32,6505,137
Second Draw Loans LMI & Less than $250K340,104$17,094,307,234$50,2624,448

Additionally, the SBA published a new COVID Relief Program Report which includes data as of March 4, 2021. The report highlighted the following:

  • Over 2.3 million PPP loans have been approved during the newest round of the program in 2021
  • Average loan size is $69,610
  • Approximately 32% of the total 2020 PPP loan volume have completed the Forgiveness process
  • Over 99% of loan value has been forgiven on those who have completed the forgiveness process
  • $200.2 billion have been approved across 3.7 million Economic Injury Disaster Loans
  • 78% of all EIDLs are less than $100,000 and ret ail trade accounts for approximately 15% of all EIDL lending

The full March, 8 Paycheck Protection Program report can be read on the Small Business Administration website.

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