- Weekly PPP report updated March 7. Data highlights include the following:
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- National PPP total (2020 + 2021) — more than 7.5 million PPP loans totaling more than $687 billion have been guaranteed by the SBA since 2020.
- National PPP total 2021 — Of that, 2.4 million PPP loans valued at $164.9 billion have been approved during 2021.
- Increase during past week — This represents a more than 200,000 increase in guarantees since last week, with an almost $9 billion increase in net dollars approved during the same time frame.
- Majority of PPP loans are small — 74 percent of all 2021 PPP loans (approximately 1.8 million) are for $50,000 and under; 85 percent are for $100,000 or under; nearly 91 percent are for $150,000 or under.
- The average 2021 PPP loan size dropped again to $68k, from $71k last week and $73k and $75k respectively the previous weeks. This shows the smallest of the small businesses, also known as mom-and-pops — are receiving this vital economic aid.
- The top industries receiving PPP approvals are:
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- Accommodation & Food Service (NAICS Code 72) — 18 percent of all PPP loans
- Construction — 13 percent
- Professional, Scientific & Technical Services — 11 percent
- Health & Social Assistance — 11 percent)
- Manufacturing — 10 percent
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- In Oregon, 26,898 loans valued at $2.1 billion have been approved in 2021.
- Individual PPP Loan Data has been updated with loans approved through March 3. These downloadable data files can be sorted and filtered by state, county, ZIP code, congressional district, lender and other categories. The PPP is a delegated lending process, where participating lenders act as an agent of the government to approve and disburse loans. This data reflects what lenders submit to the SBA.
- This data further confirms the most recently issued SBA COVID-19 Relief Program Report as of March 4 analysis showing the current round of PPP is successfully reaching smaller borrowers.
PPP Program Highlights
- 14-day exclusive period ends tomorrow — The current 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees ends March 9, 2021. The SBA will continue to accept PPP applications for all eligible borrowers until March 31, 2021 or until appropriated funding is exhausted.
- New calculation for sole proprietors, independent contractors and self-employed individuals — New PPP application forms were recently released that allow Schedule C filers to use gross income rather than net income when calculating the PPP loan amount which can lead to more financial support for sole proprietors and the self-employed.
- Expanded eligibility — Last week the agency eliminated restrictions to businesses with owners who have prior non-financial fraud felony convictions. The SBA has also eliminated the restriction on businesses owned or controlled by owners who have federal student loan debt that is currently delinquent or has defaulted.
- Clarification on using ITIN — All lawful U.S. residents have access to the PPP. The SBA recently clarified that Individual Taxpayer Identification Numbers (ITINs) are permitted as the identifier for a business owned by a sole proprietor and for a principal, ensuring access for non-citizen small business owners. ITINs are issued by the IRS.
- New resource page to help PPP applicants — The SBA compiled resources aimed at helping borrowers successfully complete the PPP application and forgiveness process. This includes a search function to find a local counselor, a way to check PPP loan status, a series of on-demand webinars targeted to different small business communities and PPP information in 17 different languages.
Quote from Local Leadership
“The SBA is dedicated to fair and equitable access to PPP and other COVID relief programs,” SBA Pacific Northwest Acting Regional Administrator Martin Golden said. “Recent PPP updates paired with local, targeted outreach is part of our ongoing work to make sure businesses that need funding the most gain access to SBA programs. Together with local lenders and resource partners, the SBA is committed to empowering small businesses to successfully recover and move their business forward.”
