FROM THE SMALL BUSINESS ADMINISTRATION, JANUARY 29, 2021
Virginia–To ensure transparency of economic aid programs, the U.S. Small Business Administration (SBA) recently released data summarizing Paycheck Protection Program (PPP) loan approvals made through Jan. 24, 2021. The SBA re-opened the PPP Jan. 11 with $284 billion appropriated through the Economic Aid Act. So far in this round of funding, 6,834 PPP loans valued at over $6.5 million have been approved by the SBA in Virginia.
Nationally, more than 400,000 loans valued at more than $35 billion have been approved this round. Overall, the average loan size is $87,000. Accumulatively, all PPP loans approved in 2020 combined with this round total more than 5.5 million PPP loans totaling $557.8 billion.
“With about four of five PPP loans under $100,000 in this round, it’s clear we’re having early success in targeting smaller businesses as we intended,” SBA Mid-Atlantic Acting Regional Administrator John Fleming said. “Local SBA staff, lenders and partners are working together to connect small and micro businesses with the funding they need to recover and confidently move their business forward.”
The full Jan. 24, 2021 PPP Report includes national information on lender types, loan sizes, industries, and borrower demographics. The data released in the report is a snapshot of the PPP loan portfolio as of Jan. 24, 2021. Any loan changes or cancellations made after this date will be not reflected in the report. Approximately 4,500 lenders nationwide are participating in the PPP this round. PPP loans are made by lending institutions and then guaranteed by the SBA.
To best serve underserved communities – including minority-, women- and veteran-owned small businesses – the SBA provides dedicated access to community financial institutions (CFIs) specializing in serving these communities. At least $15 billion is set aside for CFIs, which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs) and Microloan Intermediaries.
“SBA Virginia-Richmond District Office is very proud that the smaller businesses are receiving the funds they need to survive and potentially grow when the pandemic is under control. Thank you to the lenders and support organizations that are helping small businesses through this process. It is deeply appreciated how everyone is working as a team to help those most in need,” said District Director Carl Knoblock.
The SBA Virginia-Richmond District Office continues to work in close partnership with the local SBA Resource Partner Network and expand on multilingual access and outreach about the PPP. Interested borrowers can attend PPP informational webinars presented by the SBA Virginia-Richmond District Office staff. Calendar of workshops are located here.
The deadline to apply for a PPP loan is March 31, 2021 or until appropriated funding runs out. Find updated PPP information – including forms, guidance, resources, lender information and data–at www.sba.gov/ppp. Information about all SBA coronavirus relief funding is available at www.sba.gov/coronavirusrelief.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.