Average PPP loan for N.J. businesses ($90K) still far outpaces national average

More than 42,000 New Jersey businesses have received a Paycheck Protection Program loan during the second round of the process — and for an average of $90,290, the Small Business Administration reported Wednesday in its weekly update.

The weekly increase of processed loans (11,464) was slightly higher than in previous weeks.

And the total of the loans, approximately $900 million, pushed the state’s cumulative total to just under $3 billion, at $2,914,919,882.

The loans for businesses in New Jersey continue to outpace the national average of approximately $75,000. So far, the SBA said more than 70% of the loans in this round have been for $50,000 or less.