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New data reveals $35B in PPP loans approved since reopening
The Small Business Administration (SBA) has approved 400,580 paycheck protection program (PPP) loans, totaling over $35 billion, since the program reopened earlier this month. The SBA's newly released data reveals that, of the total loans issued since reopening, 17,958 have been provided by 614 credit unions with $10 billion or less in assets; the total amount provided by credit unions is over $1 billion.
As of Jan. 24, the average loan size for PPP loans given in 2021 was $87,000. Since the program first opened in 2020, the SBA has approved 5.5 billion applications for more than $557 billion in PPP loans.
Earlier this month, the program reopened first for community financial institutions only, including minority depository institutions (MDIs) and community development financial institutions (CDFIs), followed by smaller lenders with less than $1 billion in assets. All lenders gained access to the program's processing platform last week.
NAFCU has updated its PPP FAQs to include new sections related to first- and second-draw PPP loans. The association has a number of resources, available online, specifically designed to help credit unions navigate the changing legislative and regulatory landscapes due to the ongoing coronavirus pandemic.