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.
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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%)