Over $7.4B Paycheck Protection Program loans approved in New York

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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) — The United States Small Business Administration provided a weekly update on Tuesday regarding the latest round of the Paycheck Protection Program.

As the SBA is continuing to assist U.S. small businesses with First Draw and Second Draw Paycheck Protection Program loans, they reported on February 8 that so far over $100 billion have been approved in the 2021 lending round.

According to the SBA, in the first month of the newest round of funding, over 82% of PPP loans were approved for $100,000 or less and almost 70% were approved for loans $50,000 or less. The average loan size fell from last week and now stands at $78,000.

A loan breakdown for the 2021 Paycheck Protection Program is listed below. Breakdowns are separated by First and Second Draw loans. Nearly 72% of all loans in the newest round are Second Draw PPP loans.

First Draw LoansLoans ApprovedNet DollarsAverage Loan SizeLender Count
Total First Draw Loans357,923$7,564,413,340$21,1344,675
First Draw Loans with 10 or fewer employees348,416$5,337,742,768$15,3204,642
First Draw Loans LMI & Less than $250K70,231$1,257,134,191$17,9003,182
Second Draw LoansLoans ApprovedNet DollarsAverage Loan SizeLender Count
Total Second Draw Loans932,855$93,360,203,961$100,0805,015
Second Draw Loans with 10 or fewer employees684,106$23,441,892,464$34,2664,982
Second Draw Loans LMI & Less than $250K190,666$10,316,278,028$54,1074,157

Included below is specific data for New York State.

PPP LoansDollars Approved
New York State78,372
(+26,705 from last week)
$7,427,813,430
(+$2,325,319,654 from last week)

Additionally, as of February 8, the top five industries receiving approvals for the Paycheck Protection Program continue to be accommodation and food service, construction, manufacturing, professional, scientific and technical services and health care and social assistance.

The most recent round of the Paycheck Protection Program was approved in December 2020 and was open from January 11 to January 24, 2021.

The Small Business Administration announced plans to release updated data on a weekly basis until March 31, 2021.

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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