Seattle (KINY) - More than 475,000 Paycheck Protection Program loans, valued at more than $52 billion and processed by more than 5,100 lenders, have been approved.
According to the Small Business Administration, small lenders are leading the way. More than 331,000 – or nearly 70% of all loans approved – are from small lenders with fewer than $10 billion in assets, typically community financial institutions and smaller federally-insured banks and credit unions.
“The SBA is committed to seeing funding go to the small businesses that need it most in a process that is fast and fair," SBA Pacific Northwest Regional Administrator Jeremy Field said. "We continue to work diligently with local small business lenders and collaborate with resource partners. This snapshot of data supports what we’re hearing anecdotally... more jobs and businesses are being saved with help from PPP loans.”
When combined with medium lenders who have assets between $10 billion and $50 billion, 87% of all approved loans (415,000 of 475,000) have been made by small and medium lenders.
In terms of dollar volume, nearly $30 billion in approved loans are from small lenders; and, $40 billion in approved loans from both small and medium lenders combined.
So far, 77% of loan volume has been processed by small and medium lenders.
The Paycheck Protection Program and Health Care Enhancement Act stated a minimum of $30 billion in PPP loans needed to be processed by small lenders. This cap has already been reached as loans from small lenders continue to be approved.