SBA approves $171M in 2nd round of PPP loans in Puerto Rico so far
The number of loans that the U.S. Small Business Administration has approved so far through its second round of Paycheck Protection Program funding doubled in Puerto Rico to 4,740 during the week of Feb. 1-8, from the 2,595 OK’d the prior week.
In its weekly update, SBA officials also confirmed that those applications approved so far total $171.2 million in loans, up $82.7 million week-over-week.
In the US Virgin Islands, lenders have moved ahead on $10.8 million in SBA-backed loans, benefiting 96 participants, the agency confirmed.
“In the first month of this newest round of funding, more than 82% of PPP loans were approved for $100,000 or less and almost 70% of were for approved for $50,000 or less,” Matt Coleman, regional communications director for the SBA’s Atlantic Region covering New York, New Jersey, Puerto Rico and the US Virgin Islands, said.
“The average PPP loan size is now $78,000 falling again, from $82,000 last week. This is demonstrable proof that this economic aid is going to those small businesses needing the most,” he said.
The emergency financing program re-opened Jan. 11 and the numbers provided are through Feb. 8.
The top five industries (by NAICS Code) receiving approvals are: The accommodation and food service industryis the top industry for all PPP loans through the report date (18%); construction (14%); manufacturing (11%); professional, scientific and technical services (11%); and healthcare and social assistance (10%).
Puerto Rico’s businesses received nearly $1.8 billion in PPP funding during the first round in 2020, as this media outlet reported.