WASHINGTON—The Small Business Administration (SBA) has released its fiscal year 2020 summary loan data, revealing the agency helped to facilitate nearly nine-million loans totaling $750 billion.
The Paycheck Protection Program (PPP), enacted under the CARES Act earlier this year, provided more than five million of those loans.
Of note, the SBA's economic injury disaster loan (EIDL) program added 3.6 million small business loans valued at $191 billion, as well as 5.7 million EIDL advances worth $20 billion.
The agency's flagship 7(a) loan program made 42,000 loans totaling $22.55 billion. The report highlights lenders reported that minority business owners received $7.5 billion in combined 7(a) and 504 lending – 27% of the SBA's loan portfolio.
Other Highlights
According to the SBA, highlights from the data regarding the PPP include:
- 27% of PPP loan dollars were made in low-and moderate-income communities which is in proportion to the percentage of population in these areas
- More than $13 billion – 25% – of loans were approved for small businesses in historically underutilized business zones
- More than $80 billion – 15% – of total PPP dollars were approved to small businesses in rural communities