February 24, 2021

300K more PPP loans approved

small businessAccording to the Small Business Administration's most recent paycheck protection program (PPP) data, roughly 300,000 loans were made during the week ending Feb. 21. There have been 1.9 million loans approved in 2021, totaling more than $140 billion.

Credit unions with less than $10 billion in assets have approved 62,152 PPP loans this year.

Earlier this week, the SBA in coordination with the Biden administration announced that, starting today, only applications from businesses with fewer than 20 employees will be processed for the next two weeks in an effort to promote equitable access to relief. Lenders with loans under hold or error codes will still be able to resolve these issues through the SBA’s recently issued resolution process during the two-week window.

The SBA's data show that a majority of loans approved this year have been to businesses with 10 or fewer employees: 986,022 second-draw PPP loans and 574,936 first-draw loans.

NAFCU will continue to advocate for program improvements and transparent guidance to ensure credit unions can lend effectively through the PPP. Stay tuned to NAFCU Today for the latest on the program from the SBA, Treasury and the administration. Access the association's PPP FAQs – updated this week – here.