More than 20,000 New Jersey businesses have been approved for Paycheck Protection Program loans of more than $2 billion, the Small Business Administration reported in its latest update.
As of Feb. 1, 20,559 loans for a total of $2,060,423,938 have been approved — making the average loan amount $100,220.
The average loan size is still well above the national average of approximately $82,000. Nationally, the program has awarded loans to 891,044 companies totaling $72.74 billion.
Those in the accommodation and food service industry sector (NAICS Code 72) continue to lead as the top industry for loans nationwide, at 18% of loans — followed by construction (14%) and then by two groups — manufacturing, and professional and scientific and technical services — that both came in at 11%.
The number of loans issued doubled in the first two reporting periods. And, please note, the second round of the PPP is just starting. It is expected to process applications through March 31.