Lot of people have been waiting patiently for reports on the status of their SBA PPP loan application. The zone of silence has finally been broken with this report from the SBA I received from a colleague.
It breaks down the program allocations by State and industry sector. The SBA report states about a million loans have been approved as of Monday, April 13, 2020 for a total of $247 billion dollars and the average loan size approved being around $300k. 70 percent of the loans were under $150k.
For the nonprofit world – there has been around 99k applications approved in the “Other Services” sector to the tune of $12 billion.
The top sectors receiving loans are – construction, professional services, manufacturing, health care, hospitality and retail trade.
Texas ($21b) and California (20b) received the largest amounts. Minnesota received $7.6 billion.
The full report can be downloaded at the link below.
Covid Economic Policy 