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The Small Business Administration (SBA) Wednesday released its fiscal year 2020 summary loan data, revealing the agency helped to facilitate nearly 9 million loans totaling $750 billion. The paycheck protection program (PPP), enacted under the CARES Act earlier this year, provided more than 5 million loans.

Of note, the SBA's economic injury disaster loan (EIDL) program added 3.6 million small business loans valued at $191 billion, as well as 5.7 million EIDL advances worth $20 billion.

The agency's flagship 7(a) loan program made 42,000 loans totaling $22.55 billion. The report highlights lenders reported that minority business owners received $7.5 billion in combined 7(a) and 504 lending – 27 percent of the SBA's loan portfolio.

Highlights from the data regarding the PPP include:

• 27 percent of PPP loan dollars were made in low-and moderate-income communities which is in proportion to the percentage of population in these areas;
• more than $13 billion – 25 percent – of loans were approved for small businesses in historically underutilized business zones; and
• more than $80 billion – 15 percent – of total PPP dollars were approved to small businesses in rural communities.

NAFCU works closely with the SBA to expand access to credit union small-dollar loans to small businesses across the nation. During NAFCU's Congressional Caucus, SBA Administrator Jovita Carranza highlighted the Strategic Alliance Memorandum (SAM) signed by NAFCU and SBA last year and noted credit unions stepped up to "fill the gap in PPP lending" and provided "a lifeline for distressed businesses coast to coast."

Following the development of the PPP, NAFCU ensured the program included credit unions as lenders and secured set-aside funding to meet credit union members' small business loan needs. Currently the association is advocating for measures that would simplify the PPP loan forgiveness process for loans under $150,000 and addressing the issue of EIDL advances being deducted from a borrower's forgivable PPP amount. View more NAFCU and industry highlights.