WASHINGTON—The Small Business Administration (SBA) is reporting it has approved 891,044 Paycheck Protection Program loans, totaling more than $72 billion, since the program reopened earlier this year.
The SBA's newly released data reveals that of the total loans issued since reopening, 33,714 have been provided by 729 credit unions with $10 billion or less in assets, representing nearly $2 billion in loans, NAFCU noted in its analysis.
As of Jan. 31, the average loan size for PPP loans funded in 2021 was $81,635 – including both first- and second-draw loans.
Meanwhile, the SBA continues to release new guidance to address changes made to the program by the Phase 4 relief and fiscal year 2021 funding omnibus package (access SBA resources for first- and second-draw loans), and has indicated improvements to the first-draw loan process.
Since the program first opened in 2020, the SBA said it has approved over six-million applications for more than $595 billion in PPP loans.
As CUToday.info reported, NAFCU has updated its PPP FAQs to include new sections related to first- and second-draw PPP loans. The association has a number of resources, available online, specifically designed to help credit unions navigate the changing legislative and regulatory landscapes due to the ongoing coronavirus pandemic.