Over $9.7B in Paycheck Protection Program loans given to NYS small businesses

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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) — Small businesses across the country are continuing to receive funding from the second round of the Paycheck Protection Program.

The U.S. Small Business Administration released a report on Wednesday detailing Paycheck Protection Program and COVID-19 economic relief data. SBA Regional Communications Director Matthew Coleman stated that updated numbers “show that the newest round of the Paycheck Protection Program is pacing steadily.”

In the latest round of funding that has been open since January 11, 2021, over 1.6 million loans have been guaranteed by the Small Business Administration totaling $125.75 billion. Additionally, over 70% of all 2021 PPP loans have been for $50,000 or under, which according the Coleman, “shows the current round of PPP is successfully reaching smaller borrowers.”

Specifically for New York State, 107,288 Paycheck Protection Program loans have been approved for a total of $9,742,058,175, an increase of over $2 billion since the last report.

A loan breakdown for the 2021 Paycheck Protection Program is listed below. Breakdowns are separated by First and Second Draw loans.

First Draw LoansLoans ApprovedNet DollarsAverage Loan SizeLender Count
Total First Draw Loans501,036$10,859,922,447$21,6754,838
First Draw Loans with 10 or fewer employees486,771$7,635,404,578$15,6864,811
First Draw Loans LMI & Less than $250K113,422$2,122,434,634$18,7133,485
Second Draw LoansLoans ApprovedNet DollarsAverage Loan SizeLender Count
Total Second Draw Loans1,172,671$114,890,682,313$97,9745,088
Second Draw Loans with 10 or fewer employees865,129$29,316,892,299$33,8875,053
Second Draw Loans LMI & Less than $250K242,661$12,904,270,785$53,1784,294

According to the SBA, 31% of loans have already completed the forgiveness process; accounting for 27% of the total 2020 PPP volume. Additionally across all loan sizes, over 99% of PPP loan value has been forgiven loans that have completed the forgiveness process.

The SBA also noted that the top industries receiving PPP approvals continue to be Accommodation and Food Service, Construction, Professional, Scientific and Technical Services, Health and Social Assistance and Manufacturing.

Overall the Paycheck Protection Program has guaranteed over 6.8 million loans for over $6481. billion since 2020.

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