Over $ 7.4 billion in paycheck protection program loans approved in New York

WASHINGTON, DC (WWTI) – The United States Small Business Administration provided a weekly update on Tuesday regarding the latest cycle of the Paycheck Protection Program.

As the SBA continues to assist small businesses in the United States with First Draw and Second Draw paycheck protection program loans, it reported on February 8 that so far more than $ 100 billion had been approved. during the 2021 loan cycle.

According to the SBA, in the first month of the last funding cycle, over 82% of PPP loans were approved for $ 100,000 or less and nearly 70% were approved for loans of $ 50,000 or less. The average loan amount increased from Last week and now stands at $ 78,000.

A breakdown of loans for the 2021 Paycheck Protection Program is shown below. The distributions are separated by the loans from the first and second draws. Almost 72% of all last-round loans are second-draw PPP loans.

First draw readyApproved loansNet dollarsAverage loan sizeNumber of lenders
Total First Draw Loans357 923$ 7,564,413,340$ 21,1344,675
First Draw loans with 10 or fewer employees348,416$ 5,337,742,768$ 15,3204,642
LMI first draw loans and less than $ 250,00070 231$ 1,257,134,191$ 17,9003 182
Loans for the second drawApproved loansNet dollarsAverage loan sizeNumber of lenders
Total Second Draw Loans932 855$ 93,360,203,961$ 100,0805,015
Second-draw loans with 10 or fewer employees684 106$ 23,441,892,464$ 34,2664,982
Loans in the second LMI draw and less than $ 250,000190 666$ 10,316,278,028$ 54,1074,157

Below is specific data for New York State.

PPP loansApproved dollars
New York State78,372
(+26 705 from last week)
$ 7,427,813,430
(+2 325 319 654 $ from last week)

In addition, as of February 8, the top five industries that received paycheck protection program approvals were still accommodation and food services, construction, manufacturing, professional, scientific and technical services, and personal care. health and social assistance.

The most recent cycle of the Paycheck Protection Program was approved in December 2020 and was open from January 11 to January 24, 2021.

The Small Business Administration has announced plans to release updated data on a weekly basis through March 31, 2021.

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