The Small Business Administration (SBA) will continue accepting Paycheck Protection Program (PPP) loan applications from lenders (which have delegated authority granted by Congress to make the loans directly) through 11:59 p.m. on Aug. 8 per the Paycheck Protection Program Extension Act).
This is great news for American small businesses, especially as the Paycheck Protection Program continues to be a success. More than 511,000 Atlantic Region small businesses and non-profits have been approved for almost $57.5 billion in private capital backed by the federal government that has allowed small business owners and entrepreneurs to save hundreds of thousands of jobs.
COVID-19 has impacted the economy in New York, New Jersey, Puerto Rico and the U.S. Virgin Islands as well as the nation, but job creators have shown resiliency and strength in uncertain times.
The PPP is truly serving the needs of small businesses, especially as 27 percent of the program’s reach has gone into low and moderate-income areas, and the average national loan size is about $100,000. The small business and non-profit financial relief program’s extension to Aug. 8 is welcomed, especially as entrepreneurs and non-profits face an uphill climb on the road to recovery.
They now have an extra month to apply for and benefit from the SBA’s forgivable loan program that keeps workers on payroll and receiving their paychecks.
Some distinct items to note regarding the data release:
Paycheck Protection Program Loans of $150,000 and more: data for all 50 states and six territories in a single CSV file.
Paycheck Protection Program Loans less than $150,000 (links to each state’s data): New York, New Jersey, Puerto Rico and U.S. Virgin Islands
Additionally, the updated PPP Report as of June 30 shows that approximately 4.9 million PPP loans have been approved nationally and approximately $131 billion remained available (when accounting for statutory program costs). To note in this report are the PPP Approvals by State as Percent of Small Business Payroll (page 6); overall in the region, approximately 75 percent to 82 percent of estimated small business payroll was covered by PPP loans.
Atlantic region state, territory as well as regional total PPP loan data is below, showing more than 511,000 small businesses and non-profits in the two states and territories of the Atlantic Region have been approved for PPP loans. This is an increase of more than 11,700 over the June 27, 2020, approvals for the region.
State — PPP loan number as of 6/30 — PPP loan $ as of 6/30 — Increase in loan amount from 6/27 PPP Report
NY — 323,903 — $38,349,280,077 — +7,089
NJ — 147,550 — $17,204,788,723 — +3,027
PR — 37,837 — $1,800,809,289 — +1,420
USVI — 1,896 — $124,453,833 — +172
Region Total — 511,186 — $57,479,331,922 — +11,708