More than $447 Million in PPP Loans Approved by SBA in North Carolina in Current Round of Funding That Re-Opened This Month
Charlotte, NC â As part of ongoing transparency of economic aid programs, the U.S. Small Business Administration (SBA) recently released data summarizing Paycheck Protection Program (PPP) loan approvals made through Jan. 24, 2021.
The SBA re-opened the PPP Jan. 11 with $284 billion appropriated through the Economic Aid Act. So far in this round of funding, 5,349 PPP loans valued at $447,450,478 have been approved by the SBA in North Carolina.
In the SBA Southeast Region â which serves Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee â a total of over 53,000 PPP loans valued at more than $1.7 billion have been approved.
As part of ongoing transparency of economic aid programs, the U.S. Small Business Administration (SBA) recently released data summarizing Paycheck Protection Program (PPP) loan approvals made through Jan. 24, 2021.
The SBA re-opened the PPP Jan. 11 with $284 billion appropriated through the Economic Aid Act. So far in this round of funding, 5,349 PPP loans valued at $447,450,478 have been approved by the SBA in North Carolina.Â
In the SBA Southeast Region â which serves Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee â a total of over 53,000 PPP loans valued at more than $1.7 billion have been approved.
Nationally, more than 400,000 loans valued at more than $35 billion have been approved this round. Overall, the average loan size is $87,000. Accumulatively, all PPP loans approved in 2020 combined with this round total more than 5.5 million PPP loans totaling $557.8 billion.
By Jenny Callison, posted Jan 26, 2021
The new round of the SBA’s Paycheck Protection Program is in full swing in the greater Wilmington area.
Banks, and the agency itself, have profited from their experience with last year’s program to accelerate and improve the experience for everyone involved, according to Jim Engel, president and CEO of Aquesta Bank.
“The process is easier this time than last time,” he said. “Last time, no one knew anything. Some changes have been positive, and it’s more automated than the first time. If there is a business out there that is struggling because of COVID, they really should be looking at this; it can help them survive and get through this.”
PPP2 Opens to All Lenders
Promo products companies can apply for loans through the new round of Paycheck Protection Program funding.
The U.S. Small Business Administration is opening the latest round of Paycheck Protection Program loans to all participating lenders on Tuesday, Jan. 19 – an important development for promotional products companies that could benefit from an injection of cash amid the economic challenges of the COVID-19 pandemic.
“A second round of PPP could not have come at a better time, and the SBA is making every effort to ensure small businesses have the emergency financial support they need to continue weathering this time of uncertainty,” said SBA Administrator Jovita Carranza. “SBA has worked expeditiously to ensure our policies and systems are re-launched so that this vital small-business aid helps communities hardest hit by the pandemic.”
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