VIRGINIA (WAVY) – The Small Business Administration (SBA) recently released data summarizing Paycheck Protection Program (PPP) loan approvals made until January 24, 2021.
The PPP is an SBA loan that helps businesses keep their workforce employed during the pandemic.
The SBA reopened the PPP on Jan. 11 with $284 billion earmarked through the Economic Relief Act. So far in Virginia, this round of financing has approved 6,834 PPP loans worth more than $6.5 million.
The loans are still available to apply with a deadline of March 31, 2021, or until the appropriate funds are exhausted.
A statement released by the SBA says that nationwide, more than 400,000 loans worth more than $35 billion have been approved so far. Overall, the average loan size is $87,000.
“With about four of five PPP loans under $100,000 in this cycle, it’s clear we’re quickly succeeding in targeting small businesses as we anticipated,” said SBA acting regional administrator John Fleming. Mid Atlantic.
“Local SBA staff, lenders and partners are working together to connect small and micro businesses with the financing they need to recover and move their business forward with confidence.”
Full January 24, 2021, PPP report includes national information on types of lenders, loan sizes, industries and borrower demographics.
The SBA provides access to community financial institutions (CFIs) that specialize in helping underserved communities such as minorities, women, and veteran-owned small businesses.
“The SBA Virginia-Richmond District Office is very proud that small 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 help small businesses through this process. It is deeply appreciated to see how everyone is working as a team to help those who need it most,” said District Manager Carl Knoblock.