SBA Releases Report Detailing Progress of the Paycheck Protection Program
The U.S. Small Business Administration (SBA) has released a report detailing the progress of the SBA’s Paycheck Protection Program (PPP). The report states that as of April 13, the PPP has approved nearly 1.04 million loans totaling more than $247 billion. Of note, the report states that construction businesses have been the top industry recipient of approved PPP loans, receiving around $34 billion to date. Additionally, the report found that the average PPP loan is $239,152 and approximately 70 percent of the loans were for less than $150,000.
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