The current round of the Paycheck Protection Program is successfully reaching smaller borrowers, according to recent data from the SBA.
PPP loans reaching smallest borrowers: SBA data
March 16, 2021 / By ICBA
The current round of the Paycheck Protection Program is successfully reaching smaller borrowers, according to recent data from the SBA.
The current round of the Paycheck Protection Program is successfully reaching smaller borrowers, according to recent data from the SBA.
Details: The SBA said 94 percent of PPP loans in the latest round are less than $250,000, totaling 52 percent of loan volume. Further, 92 percent of PPP loans worth 50 percent of loan volume are going to businesses with 20 or fewer employees.
Community Banks: The data also show that banks and savings and loans under $50 billion in assets account for 60 percent of PPP lending in the current round.
ICBA Advocacy: ICBA supports bipartisan legislation to extend the PPP by allowing borrowers to apply for loans through May 31 and giving the SBA until June 30 to consider applications.
Grassroots Advocacy: Meanwhile, ICBA is calling on community bankers to urge their members of Congress to make needed changes to the PPP if it is extended to ensure applicants are not left stranded.
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