In their most recent Paycheck Protection Program report, the Small Business Administration released loan approval data through to June 30th. In just the three days since their previous report, the number of approved loans increased by 4,432, up to 156,814. The dollar amount increased by $137,025,061, up to 14,502,923,640. Through the last reported period, the average loan was for $30,917. This is a slight increase of $953 on average.
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The U.S. Congress passed a measure to provide billions of dollars in relief packages to help small businesses stay afloat. But even with that assistance, “Many small companies are still struggling to reopen, and others will never reopen,” said Tom Sullivan, vice president for small business policy at the U.S. Chamber of Commerce.
The 30 million small businesses in the United States, most of which have no more than 75 employees, need to reinvent themselves, Sullivan told VOA. “There’s definitely a new normal, and I don’t think companies can go back to the way they were before COVID-19.”
SBA Provided $20 Billion to Small Businesses and Non-Profits Through the Economic Injury Disaster Loan Advance Program
“Following the enactment of COVID-19 emergency legislation, the SBA provided nearly six million small businesses employing 30.5 million people with $20 billion through the unprecedented EIDL Advance program,” Administrator Jovita Carranza said. “This program, built from the ground up in less than two weeks, assisted millions of small businesses, including non-profit organizations, sole proprietors and independent contractors, from a wide array of industries and business sectors.”
Having allocated the full $20 billion that was appropriated by Congress, SBA will discontinue making EIDL Advances to new applicants. By law, the SBA is not permitted to issue new EIDL Advances once all program funding has been obligated.