SBA releases data on PPP loans: More than 160 N.J. firms approved for $5M+

By Eric Strauss
New Jersey | Jul 6, 2020 at 2:16 pm

The U.S. Small Business Administration, along with the Treasury Department, released detailed data Monday on the 4.9 million loans made under the Paycheck Protection Program.

The information includes breakdowns of loans ranging from less than $150,000 to as much as $10 million to help businesses affected by COVID-19 handle employee salaries and other costs.

Nationally, the program approved nearly 4.89 million loans, totaling more than $521 billion. The average loan size was nearly $107,000 and more than 5,400 lenders participated in the program.

“The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80% of all small business employees, who are the drivers of economic growth in our country,” Treasury Secretary Steve Mnuchin said in a prepared statement. “We are particularly pleased that 27% of the program’s reach (is) in low- and moderate-income communities, which is in proportion to percentage of population in those areas.”

Data was broken down into loans of $5-10 million, $2-5 million, $1-2 million, $350,000-1 million, $150,000-350,000 and below $150,000. The SBA said 75% of the companies receiving loans fell into those categories. The 25% of companies that received loans for less than $150,000 were not named in the data — but companies receiving larger loans were.

Based on the data released for New Jersey:

  • More than 160 companies were approved for the highest loan amount of $5-10 million. (Nationally, more than 4,800 companies were approved at this level.)
  • More than 2,600 other companies were approved for a loan of more than $1 million but less than $5 million.
  • More than 19,000 companies were approved for loans of more than $150,000 but less than $1 million.
  • More than 125,000 companies were approved for loans of less than $150,000, with amounts ranging from $149,000-plus to less than $10.

“Today’s release of loan data strikes the appropriate balance of providing the American people with transparency, while protecting sensitive payroll and personal income information of small businesses, sole proprietors and independent contractors,” Mnuchin said.

The SBA noted that data indicates a company was approved for a PPP loan by a lender, but does not necessarily mean the business was determined to be eligible for the program by the SBA, or that it is eligible for loan forgiveness. The data only includes active loans.

To access the data, click here.

Eric Strauss | estrauss@roi-nj.com | @acerimrat