Over $2.2B in 2021 Paycheck Protection Program loans approved in NYS

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FILE – In this April 2, 2020 file photo, a notice of closure is posted at The Great Frame Up in Grosse Pointe Woods, Mich. The government is closing in on the $349 billion lending limit on its Paycheck Protection Program that is sending relief money to the nation’s small businesses. The Small Business Administration says that it has approved more than 1.6 million loans worth more than $339 billion. The program will likely reach its ceiling Thursday, April 16. (AP Photo/Paul Sancya, File)

WASHINGTON, D.C. (WWTI) — A full report has been released detailing data from the 2021 Paycheck Protection Program which reopened in January 2021.

According to the United States Small Business Administration, the second round of the Paycheck Protection Program that was open from January 11 to January 24, 2021, has so far provided over $35 billion in aid to small businesses across the county.

The SBA also noted that this $35 billion was approved from 400,580 loans, 65% of which have been for $50,000 or less.

Specifically for New York State, 20,251 loans have been approved for a total of $2,200,548,128 in aid for small businesses.

Additionally, across the United States, businesses that identify as being in the accommodation and food services industries were the top loan applicants, with over $6.5 billion approved.

The report confirmed hat banks and S&Ls with less than $10 billion were the top lender type for the 2021 PPP, with over 3,700 participating.

Summaries for Paycheck Protection Program approved lending are detailed below.

Loans approvedTotal net dollarsTotal lender count
Summary of all PPP approved lending (2020/2021)5,550,486$557,816,068,7105,448
Summary of 2021 PPP approved lending400,580$35,017,654,0714,526

The second round of the Paycheck Protection Program reopened on January 11 for First Draw loans following the Economic Aid Act signed into law on December 27, 2020.

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