More than 130,000 Texas small businesses received the nation’s largest paycheck protection program loans, worth $ 28.4 billion; According to an SBA report, 112,967 California small businesses received loans totaling $ 33.4 billion and 88,997 small business owners in Florida received PPP loans totaling $ 17.8 billion.
The report was released last week after the federal aid program exhausted its $ 349 billion that funded loans for about 1.6 million small businesses, which is just 5% of the $ 30.2 million. of small businesses in the United States. the US Senate passed a law for a second round of funding this would allocate $ 30 billion in PPP loans to banks, credit unions, and minority and community development finance institutions with less than $ 10 billion in assets. An additional $ 30 billion would be reserved for financial institutions with assets between $ 10 billion and $ 50 billion.
The SBA report also showed that small businesses in New York City secured the fourth highest number of PPP loans in the country, 81,075 loans worth $ 20.3 billion, followed by small businesses in Illinois who obtained 69,893 loans worth $ 15.9 billion.
The small businesses of the five states that received the least loans and funds were Alaska ($ 4,842.921 million), Delaware ($ 5,171.1 billion), Vermont ($ 6,983.1 billion) dollars), West Virginia ($ 7,861.1.3 billion) and Wyoming. ($ 7,618.837 million).
After the program launched on April 3, the SBA said it processed more than 14 years of loans worth over $ 342 million (in net approved dollars) in less than 14 days, which was authorized by the CARES law to provide loans to small businesses to keep their workers employed during the coronavirus crisis shutdown. The approved net dollars do not reflect the amount required for repayment to lenders under the CARES Act, the SBA noted.
The report states that nearly 5,000 lenders participated in the program, including what the federal agency described as “large loans by community banks and credit unions. “
The SBA press release, however, did not specify how many credit unions and community banks participated in the PPP or the total number of loans approved and their total value that were processed by them.
The SBA office did not provide specific information regarding credit unions or community banks as requested by the CU time.
Almost 20% of the amount approved was processed by lenders with less than $ 1 billion in assets, and around 60% of loans were approved by financial institutions with $ 10 billion in assets or less, according to the SBA. No lender represented more than 5% of the total amount of the program.
The average loan amount was $ 206,000.
According to the SBA report, 1.2 million PPP loans were $ 150,000 or less, while 427,062 companies received loans ranging from just over $ 150,000 to $ 5 million, and 4,412 companies each obtained a loan of more than $ 5 million.
About 67% of the loans went to businesses in construction, professional, scientific and technical services, manufacturing, health care and social assistance, accommodation and food services, and trade in detail, according to the SBA report.