Earlier today, the U.S Small Business Administration (SBA) issued an updated report on the Paycheck Protection Program, providing information on loan approvals through April 16, 2020.
- Over 1.6 million loans have been approved, totaling more than $340 billion, since lenders started accepting loan applications on April 3.
- Almost 5,000 banks, lenders and other financial institutions have participated in sourcing loans.
- Over 81,000 loans, totaling more than $20 billion, have been approved for small businesses across New York State. Only the states of California (over $33 billion) and Texas (over $28 billion) have had more loans, in terms of dollars approved to-date.
- The overall average loan size approved is $206,000.
- In terms of the loan dollars approved by industry (NAICS sub-sector), the construction sector has received more than $44 billion in loan approvals, followed closely by businesses in the Professional, Scientific and Technical Services (over $43 billion) and the Manufacturing (over $40 billion) sectors.
See the full report below or on the SBA website here
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For additional information on the Paycheck Protection Program and other Federal, state and local relief measures, please visit our COVID-19 Resource Center on our website. If you have any questions, please contact your Tronconi Segarra & Associates advisor or a member of our response team at covid19team@tsacpa.com
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