SBA Publishes Report on Paycheck Protection Program Loan Approvals
It’s been a whirlwind week. Payroll Protection Program Loans are getting finalized and the traditional Tax Day came and went. We have new projects to focus on: the July 15th deadline and PPP Loan compliance. We will also have a focus on assisting businesses with cash flow management and budgeting in the challenging times ahead.
We know the importance of being proactive. Don’t wait. Plan now. Businesses that are prepared have a better chance at success. Whatever type of challenge your business is facing, we can help.
In other news, the Small Business Administration has published reports on approved loans, by industry and state, through the Paycheck Protection Program. The most recent report was published on April 16th at 12 noon.
Construction Industry Receives Most Loan Dollars from PPP
We were pleased to see the loans broken down by industry. At the top of the list is Construction with the highest overall % of loan dollars by sector at $44,906,538,010. Professional, Scientific, and Technical Services followed at $43,294,713,938 in loan dollars and finishing out the top three is Manufacturing with $40,922, 240,021. Our expertise has always focused on these industries and we look forward to assisting with loan compliance for our clients.
Another take away from this report is that more than 55% of loans are under $1M and over $70% of the loans are under $2M. This is a very good sign for small businesses in America. To read the complete report, by industry, state and lender, click here.
DISCLAIMER: The WM Daily Update COVID-19, COVID-19 Business Resources and COVID-19 Client News Alerts and other related communications are intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.
