Last night, the Small Business Association (SBA) released loan information for Borrowers under the Paycheck Protection Program (PPP).
Key highlights include:
- The information includes: business names, addresses, NAICS codes, zip codes, business type, demographic data, non-profit information, name of lender and jobs supported.
- The loans are grouped by ranges as follows:
- $350,000-1 million
- $1-2 million
- $2-5 million
- $5-10 million
These categories account for nearly 75 percent of the loan dollars approved and represent approximately 14 percent of the total number of borrowers. For all loans below $150,000, SBA released all of the above information except it did not release business names and addresses. The average loan through June 30 under the PPP was about $107,000. There were 42,499 loan recipients in Nebraska who received $3,421,713,932. Iowa accounted for 58,466 loans totaling $5,087,064,565. The information released by the SBA can be found by clicking HERE.
Also, the Congress passed and President Trump signed an extension to allow additional PPP applications until August 8. The application window for the PPP had closed June 30 with $131.9 billion in funding remaining. The SBA resumed accepting applications yesterday morning.
A printable version of this article can be found by clicking HERE.
Mark L. Brasee
Neil P. Hassler
This article has been prepared for general information purposes and (1) does not create or constitute an attorney-client relationship, (2) is not intended as a solicitation, (3) is not intended to convey or constitute legal advice, and (4) is not a substitute for obtaining legal advice from a qualified attorney. Always seek professional counsel prior to taking action.