The Paycheck Protection Program (PPP)—an emergency small business aid program created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act—continues to be a lifeline for America’s small businesses across the country. The Small Business Administration (SBA) and Treasury Department are working to ensure PPP loans are supporting the smallest lenders and their small business customers. TODAY, from 4pm EDT – 11:59pm EDT, the SBA systems will prioritize loans from lending institutions with asset sizes less than $1 billion.
PPP loans by the numbers:
- The first round of PPP funding provided more than 1.6 million small businesses with $340 billion, saving more than 30 million jobs.
- Businesses with fewer than 10 workers received 1 million of the first 1.6 million loans.
- Loans were processed by more than 5,100 lenders nationwide, including hundreds of local community banks in all 50 states, in the first round.
- In the first 14 days of the program, the SBA processed more loans than the preceding 14 years.
- In the second round of PPP applications, 74% of loans have been for less than $150,000, and are supporting our nation’s smallest businesses.
- Smaller lenders with less than $10 billion in assets have had more than 331,000 loans approved in the second round of applications.
- In the second round of applications, the SBA processed in 24 hours nearly twice the total dollar amount of loans the administration processes in the average year.
Here are just a few examples of the resilient small businesses that have received PPP assistance and visited the White House to share their stories:
- Jackie Krick is the founder and CEO of ECU Communications, a woman and minority-owned small business specializing in marketing, advertising and recruiting. Thanks to a PPP Loan, they will be able to keep all 30 employees on payroll.
- Coronavirus caused JD Clark Professional Services to lose 90% of their revenue. Tisa Clark, the president and CEO, says a PPP loan helped her stay in business and keep her workers on payroll.
- Tony Stafford owns three restaurants in Virginia that were forced to close due to coronavirus. A PPP loan helped him bring back some of his hourly workers and prepare for when he can reopen.
Visit Financial Services Committee Republicans’ website for additional resources and updates on efforts to mitigate the economic impact of coronavirus on consumers.