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 Loans||Loans Approved||Net Dollars||Average Loan Size||Lender Count|
|Total First Draw Loans||804,128||$17,399,482,515||$21,638||5,006|
|First Draw Loans with 10 or fewer employees||781,742||$12,418,729,030||$15,886||4,985|
|First Draw Loans LMI & Less than $250K||205,101||$3,858,589,782||$18,813||3,964|
|Second Draw Loans||Loans Approved||Net Dollars||Average Loan Size||Lender Count|
|Total Second Draw Loans||1,604,977||$147,551,068,317||$91,933||5,159|
|Second Draw Loans with 10 or fewer employees||1,212,252||$39,580,435,699||$32,650||5,137|
|Second Draw Loans LMI & Less than $250K||340,104||$17,094,307,234||$50,262||4,448|
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