Paycheck Protection Program Extended
Friday, July 10, 2020
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SBA, Treasury also Release PPP Data The U.S. Small Business Administration Paycheck Protection Program has been extended until August 8. Small business owners are able to apply through approved lenders. The legislation granting the extension was signed on Saturday. Also, the SBA in consultation with the Treasury Department, today released detailed loan-level data regarding the loans made under PPP. This disclosure covers each of the 4.9 million PPP loans that have been made. "Thanks to the legislation passed last week and signed this weekend, the opportunity to assist small businesses is still available. Utah has done well overall with some of the highest loan dollar amounts per capita and the highest loan approval rates," said SBA Utah District Director Marla Trollan. According to the disclosure, 8 million jobs have been retained across Utah, with funds provided by the PPP. So far 50,691 PPP loans have been made accounting for more than $5.2 billion going back into the economy. Also, 93% of estimated business payroll was covered by PPP loans from the inception of the program in April. “The PPP is an indisputable success for small businesses, especially to the communities in which these employers serve as the main job creators,” said SBA Administrator Jovita Carranza. “In three months, this Administration was able to act quickly to get funding into the hands of those who faced enormous obstacles as a result of the pandemic. Today’s data shows that small businesses of all types and across all industries benefited from this unprecedented program. The jobs numbers released last week reinforce that PPP is working by keeping employees on payroll and sustaining millions of small businesses through this time.” This morning, the #PaycheckProtectionProgram began accepting new loan applications in response to the Paycheck Protection Program Extension Act. The deadline to apply is now August 8. Today’s release includes loan-level data, including business names, addresses, NAICS codes, zip codes, business type, demographic data, non-profit information, name of lender, jobs supported, and loan amount ranges. These categories account for nearly 75 percent of the loan dollars approved. For all loans below $150,000, SBA is releasing all of the above information except for business names and addresses. The data release also includes overall statistics regarding dollars lent per state, loan amounts, top lenders, and distribution by industry. The loans have reached diverse communities proportionally, across all income levels and demographics. In addition, the data provides information regarding the sizes of participating lenders and participation by community development financial institutions, minority depository institutions, Farm Credit System institutions, fintechs and other nonbanks, and other types of lenders. It further contains data showing the reach of the program in underserved communities, rural communities, historically underutilized business zones (HUBZones), and participation by religious, grantmaking, civil, professional, and other similar organizations. Click here to view the data. Click here to find information on other lending opportunities available to small businesses. In addition the following are the links for the newly revised PPP EZ Forms for Loan Forgiveness: SBA’s EIDL program offers long-term, low interest assistance for small businesses or non-profit organizations. These loans can provide vital economic support to help alleviate temporary loss of revenue. EIDL assistance can be used to cover payroll and inventory, pay debt or fund other expenses. Additionally, the EIDL Advance will provide up to $10,000 ($1,000 per employee) of emergency economic relief to businesses that are currently experiencing temporary difficulties, and these emergency grants do not have to be repaid.
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