PPP: New Loans High $72.7 Billion In January

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A brand new report from the Small Enterprise Administration (SBA) discovered that there have been $72.7 billion in Paycheck Safety Program (PPP) loans distributed within the month of January, with 891,044 loans authorized. The lender rely comes out to 4,942.

Damaged down additional, there have been 226,336 first draw loans with the common mortgage being for $21,157. A complete of 220,385 have been for companies with 10 or fewer staff, and 38,718 have been for low- to moderate-income (LMI) companies and people making lower than $250,000.

There have been a complete of 664,708 second draw loans with the common mortgage measurement being for $102,228. There have been 482,303 second draw loans for companies with 10 or fewer staff. Of those for LMI companies and people making lower than $250,000, there have been 133,640 loans.

The highest lender for PPP was Financial institution of America with 35,627 loans authorized for $1.9 billion, with the common mortgage measurement being $54,152. Second was J.P. Morgan Chase, which had 19,578 loans authorized for $1.4 billion, and the common measurement of $69,890. In third place was M&T Financial institution with 9,381 loans authorized for $1.2 billion, and a median measurement of $130,893.

Itria Ventures and Zions Financial institution have been the following highest.

Damaged down by business, the report said lodging and meals providers acquired $13 billion in loans, building acquired $10 billion, {and professional}, scientific and technical providers acquired $8.2 billion. Manufacturing acquired $8 billion, and healthcare and social help acquired $7.5 billion.

With the brand new presidential administration in motion, negotiations are underway for one more stimulus bundle, PYMNTS reported. Amidst controversies in regards to the subsequent rounds of particular person stimulus funds, there is also extra PPP funding coming down the pipeline every time a brand new bundle is authorized.

The SBA is understanding enhancements for the primary draw PPP mortgage assessment to assist smaller companies get extra time to entry their funds. There can even be enhancements to make it simpler to use for a second draw mortgage.



About: The Healthcare Fee Expertise Report, a PYMNTS and Rectangle Well being collaboration, relies on a census-balanced survey of greater than 2,000 shoppers’ healthcare funds experiences and the challenges they face. The report reveals key insights into how providing versatile fee choices and digital-first experiences can assist medical suppliers preserve their sufferers from looking for healthcare providers elsewhere.

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