SBA has approved $283.8M in PPP loans in Puerto Rico since Jan. 11
The U.S. Small Business Administration’s Paycheck Protection Program has approved $283.8 million in loans in Puerto Rico and another $171.2 million in the US Virgin Islands through the week of Feb. 15, it confirmed in a report.
The second round of funding began on Jan. 11, and so far, participating local credit unions and banks have generated 7,301 loans, which the SBA has backed.
The most recent numbers show that the number of loans increased by 2,561 over the prior week, while the total jumped by $112.6 million during the same period.
In the USVI, 184 loans have been applied for and approved through Feb. 15. That figure showed a week-over-week increase of 96 loans, while the total financing increased by $9 million during the same period.
“In this newest round of funding, open since Jan. 11, 2021, more than 1.6 million First and Second Draw PPP loans have been guaranteed by the SBA totaling $125.7 billion across 5,141 lenders,” said Matt Coleman, the SBA’s regional communications director for the Atlantic region that covers New York, New Jersey, Puerto Rico and the USVI.
The report shows that 70% of all 2021 PPP loans are for $50,000 and under — more than 82% is for $100,000 or less — while the average loan size is around $75,000.
In terms of PPP forgiveness, about 31% of loans have already completed the process, accounting for about 27% of the total 2020 PPP volume, the agency said, referring to the decision to condone the loans approved last year at the height of the COVID-19 shutdowns.
More than 99% of the PPP loan value has been forgiven on loans that have completed the forgiveness process, the agency said, while most lender types have submitted at least one-third of their forgiveness applications to the SBA. Borrowers first apply for forgiveness through their lender, according to the established protocol.
The SBA still has limited demographic data on PPP borrowers, which is the likely reason for why the report did not show any numbers for the island’s loan forgiveness rate.
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