As you have likely heard, the Paycheck Protection Program (PPP) funds have run out. While Congress battles about how to add more funds to the PPP, the Small Business Administration has released the specifics about the number of businesses that received loans, the industries and locations.
In a nutshell, the SBA approved 1,661,367 loans from 4,975 lenders. The average size of the loans was $206,000 and about 75% were for $150,000 or less. Interestingly, the Construction Industry received the largest amount of loans, followed by the professional, scientific and technical services industry. Here’s a chart of the top industries receiving loans.
As we continue to march through these difficult times, let us know if we can be of any help in dealing with the COVID-19 related legislation or construction projects impacted by the pandemic.