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
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
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