SBA backs $741M+ in PPP loans of up to $150K in Puerto Rico
The U.S. Small Business Administration and the U.S. Department of Treasury released Paycheck Protection Program Loan data that revealed that since the start of the program in April, local banks have processed some 35,896 loans for up to $150,000 totaling $741.4 million so far.
The detailed loan-level data for Puerto Rico shows that more than 950 of the loans backed by the SBA were for between $100,000 and $150,000. The agencies did not release data for loans approved in Puerto Rico higher than those amounts.
Although the federal agencies disclosed business names, addresses and other specific data for most of the 4.9 million PPP loans approved, they held back from identifying the recipients of loans below $150,000.
So, there is no specific data available for any of the financing approved by lending institutions in Puerto Rico, namely Banco Popular, Oriental Bank, FirstBank, Banco Santander, and several credit unions islandwide.
The data also shows that the PPP loans have helped to guarantee nearly 189,000 jobs on the island, going to companies operated by self-employed individuals, independent contractors, sole proprietors, corporations and limited liability firms, among other types of small businesses.
“The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and more than 80% of all small business employees, who are the drivers of economic growth in our country,” said U.S. Treasury Secretary Steven T. Mnuchin.
“We’re particularly pleased that 27% of the program’s reach in low and moderate income communities which is in proportion to percentage of population in these areas,” he said. “The average loan size is approximately $100,000, demonstrating that the program is serving the smallest of businesses.”
“Today’s release of loan data strikes the appropriate balance of providing the American people with transparency, while protecting sensitive payroll and personal income information of small businesses, sole proprietors, and independent contractors,” he added.
Meanwhile, SBA Administrator Jovita Carranza said “the PPP is an indisputable success for small businesses, especially to the communities in which these employers serve as the main job creators.”
“In three months, this administration was able to act quickly to get funding into the hands of those who faced enormous obstacles as a result of the pandemic. Today’s data shows that small businesses of all types and across all industries benefited from this unprecedented program,” she said.
“The jobs numbers released last week reinforce that PPP is working by keeping employees on payroll and sustaining millions of small businesses through this time,” she said.
The PPP program has been extended through Aug. 8, as $130 billion out of $660 billion assigned to the fund is still available. The PPP program comes with a loan forgiveness clause that enables borrowers to apply for up to a full release of the owed amount.