The Small Business Administration (SBA) released a report today, April 17, 2020 related to the Paycheck Protection Program (PPP) loans.
The SBA reports that it has guaranteed over 1.6 million PPP loans totaling more than $342 billion dollars
As a number of industries received loans, the construction industry appears to have received the most PPP loans, followed by professional services and manufacturing.
The loan sizes had a significant range with amounts awarded under $150,000 to over $5 million. Nearly three quarters of the approved loans are $150,000 and under with an overall average loan size of approximately $206,000.
To view the full report, which includes a breakdown of loans by state as well as a list of the highest approved amounts by lenders, click here.
Readers should not act upon information presented without individual professional consultation.
Any federal tax advice contained in this communication (including any attachments): (i) is intended for your use only; (ii) is based on the accuracy and completeness of the facts you have provided us; and (iii) may not be relied upon to avoid penalties.