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SBA assists 1.4M businesses this week, approves $103B in PPP

This week the U.S. Small Business Administration marked a milestone in PPP loan approval. Of the $103 million in funds, 82 percent of all loans went to businesses requesting under $100K and 28 percent were in rural communities.

The U.S. Small Business Administration (SBA) and lenders in junction with the Paycheck Protection Program (PPP) have been working together to increase equitable access to underserved small businesses and to promote rapid and efficient distribution of funds.

This week, the SBA approved $103 billion of PPP funds to more than 1.4 million small businesses. The program reached more of the smallest businesses, 82 percent of all loans going to businesses requesting less than $100K.

More rural communities also benefited from the program, 28 percent of those who received funding based in rural communities.

“We are pleased that the Paycheck Protection Program is targeting the smallest of small businesses and providing economic relief at a crucial time in American history,” SBA Senior Advisor to the Administrator Michael Roth said.

“While we are excited that we are doing a better job of reaching the hardest hit industries and communities, we are committed to taking additional steps to ensure that there is equitable access for underserved businesses and that we are leading with empathy to support small businesses in a difficult spot,” Roth said.