PPP update: More than 10,000 N.J. businesses get loans — but loan amount is dropping

The good news: Approximately 10,000 more small business in the state had their Paycheck Protection Program loans approved in the past week.

The so-so news: The average of the loans given out dropped to $83,219.

In total, New Jersey has now had 30,827 loans approved, for $2,914,918,882 — or an overall average of $94,557, according to statistics provided by the Small Business Administration.

These numbers follow the nationwide trend. In the first month of this newest round of funding, more than 82% of PPP loans were approved for $100,000 or less, and almost 70% were for approved for $50,000 or less. The average PPP loan size is now $78,000 — falling again, from $82,000 last week.

SBA officials said this is proof that this economic aid is going to those small businesses needing the most. Here’s another data point: 72% of the loans in this round are going to businesses that also received a loan in the first round of PPP.

The Top 5 industries (by NAICS Code) receiving approvals nationally continue to hold constant:

  • The Accommodation & Food Service industry (18%);
  • Construction (14%);
  • Manufacturing (11%);
  • Professional, Scientific & Technical Services (11%);
  • Health Care & Social Assistance (10%)