WASHINGTON—The Small Business Administration (SBA) has released updated Paycheck Protection Program (PPP) data showing that more than four million loans have been approved in 2021, totaling almost $233 billion. With the program extended to May 31, there is roughly $58 billion in funds still available.
Credit unions with less than $10 billion in assets have provided almost 125,000 loans for $4.5 billion, the data indicate.
“The average size of these loans is just over $36,000, continuing to demonstrate that the credit union industry is supporting the smallest businesses in their communities,” stated NAFCU in its analysis.
Although Congress extended the PPP loan application deadline to May 31 and is allowing the SBA to continue processing pending applications until June 30, no additional funding has been provided. NAFCU noted that it had raised concerns about the amount of loans backlogged due to hold codes and called on the SBA to clear the codes before the program ends.