Since the beginning of the year, almost 900,000 loans totaling more than $72.7 billion have been made through the Paycheck Protection Program. About 4,900 lenders have participated in the program during the first month of the year, the Small Business Association said in a report.
Just over 4,000 banks have participated so far this year, making 772,080 of those loans for a total of $67.6 billion. Banks with under $10 billion in assets have accounted for 453,397 of those loans for a total of $39.4 billion.
Two thirds of the 2021 loans have been for amounts of $50,000 or less, totaling just under $11 billion. Loans between $50,000 and $100,000 made up 13 percent of total loans, totaling $8.5 billion. Loans above $1 million made up about 1 percent of all loans. The average loan size is $82,000.
The bulk of the loans have gone to companies in accommodation and hospitality (18 percent), construction (14 percent), professional, scientific and technical services (11 percent), manufacturing (11 percent) and health care and social assistance (10 percent).
Overall, north of 6 million PPP loans have been made totaling $596 billion since the program began last year.
2021 PPP Loans as of Jan. 31
|State||Total Loans||Net Dollar Amount|
Source: Small Business Administration