Payroll Protection Program Designed to Keep Small Businesses Afloat Deadline Set for May 31, 2021
National News – The popular Payroll Protection Program Designed to Keep Small Businesses Afloat Deadline is set for May 31, 2021. Small Business Owners seeking to apply to the payroll protection program are encouraged to apply as soon as possible as the deadline for applying is quickly approaching. The SBA released the recent updates for reporting on SBA guaranteed ppp loans which is partially listed below.
Over 9.87+ million PPP loans totaling more than $762.40 billion have been guaranteed by the SBA since 2020.
For the current round of PPP funding, which began on January 11, 2021, SBA has guaranteed over 4.73 million PPP loans for more than $240.16 billion after submission from 5,244 participating lenders. This represents an over 321,000 increase in guarantees since last week, with an increase of more than $7.36 billion in net dollars approved during that time.
Other highlights include: 82.6% of all 2021 PPP loans (approx. 3.91 million) are for $50k and under. (Up 1% from 81.6% the previous week for this statistic). To date, over 25% of all 2021 PPP dollars approve fall in this loan size threshold.
90.1% of all 2021 PPP loans are for $100,000 or under.
93.8% of all 2021 PPP loans are for $150,000 or under.
The average 2021 PPP loan size dropped to approximately $51,000, continuing to show that the smallest of the small businesses – the mom-and-pops – are receiving this vital economic aid. Additionally, as of Wednesday, April 14, 2021, the remaining appropriation of PPP funds was $44 billion.
“The Long Island African American Chamber of Commerce, Inc. realized that to help a larger number of small businesses in the community access the federal stimulus they need to keep employees on the payroll or protect their sole source of income, the chamber needed a trusted partner that could provide an elegant PPP process,” stated Phil Andrews, President – Long Island African American Chamber of Commerce, Inc. “We needed a reputable bank that would enhance our ability to provide essential services to our members and our wider network of African American small business owners.”
Customers Bank established a national reputation by being a top 5 ranked PPP lender by participating in more than 100,000 SBA-approved PPP loans that had an aggregate value of over $5 billion. The bank was also nationally recognized as having the second-lowest average loan size of the nation’s major PPP lenders.
“We essentially put together a white-label program where Customers Bank will handle end-to-end PPP processing, funding and servicing, including forgiveness. There’s no technology integration and no fee for participating organizations,” stated Sam Sidhu, Vice Chairman and Chief Operating Officer of Customers Bank. “This was a very deliberate decision to assist more small business owners with accessing the federal stimulus available to them by supporting the lending activities of other organizations.”
“We are proud to help support important community and economic development organizations in many of the underserved communities across the nation, such as the Long Island African American Chamber of Commerce,” stated Miguel Alban, Senior Vice President and Director of Multicultural Banking for Customers Bank. “Together, we are making sure that underrepresented minority and women-owned small businesses have access to the federal stimulus to help sustain their livelihoods and that of their employees during the economic recovery.
“We know our road to recovery as a business community would be much more difficult without establishing partnerships such as the one we have embarked upon with Customers Bank,” added Andrews. “Together, we are looking forward to helping many more small businesses than either organization could achieve on their own.”
To apply for the Payroll Protection Program, visit https://www.smartbizloans.com/apply?partner_id=liaacc&sb_apply_form=paycheck_protection
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Published on PRFIRE