The Small Business Administration (SBA) administrator Jovita Carranza and U.S. Treasury secretary Steven Mnuchin issued a statement on Friday regarding the success of the Paycheck Protection Program (PPP) in lieu of the COVID-19 pandemic.
The statement noted that “the PPP enjoyed broad-based participation across the country from lenders of all sizes and a wide array of industries and businesses.”
The Treasury Department and SBA launched the PPP in one week. Following its launch, the SBA processed more than 14 years’ worth of loans in less than 14 days, which is expected to save a large number of American jobs.
From its start on April 3, PPP has provided payroll assistance to more than 1.6 million small businesses in all 50 states and territories. Nearly 5,000 lenders participated in this critical program, including significant lending by community banks and credit unions.
Approximately 20 percent of the amount approved was processed by lenders with less than $1 billion in assets, and approximately 60 percent of the loans were approved by banks with $10 billion of assets or less. No lender accounted for more than 5 percent of the total dollar amount of the program.
The PPP has provided funds to a variety of industries in all sectors of the economy, including construction, manufacturing, food and hospitality services, health care, agriculture and retail. “The Paycheck Protection program is saving millions of American jobs and helping small businesses get through this challenging time. We urge Congress to protect millions more American workers and their families by appropriating additional funding to support PPP.”
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. 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.