April 15, 2020
Yesterday the Small Business Administration (SBA) released some data on the paycheck protection program. The program offers forgivable loans to small businesses, and it was funded with $349 billion in the third federal aid bill.
Nationally, 1,035,086 loans have been made in the amount of $247.5 million. (The data is through April 13.) Loans made to businesses in Washington number 18,906 (1.8 percent of the total). The dollar amount of the Washington loans is $4.929 billion (2.0 percent of the total).
The average loan size nationally is $239,152. Construction businesses have received the most in terms of loan amounts, while professional, scientific, and technical services businesses have received the highest number of loans. (Industry and loan size data is only available at the national level.)
The charts below are from Josh Lehner with the Oregon Office of Economic Analysis. They show how the loans made to Washington businesses compare to other states. His post is worth reading in full—he also writes about studies on how much cash flow businesses have and how long they can stay in operation.
Along similar lines, Opportunity Washington writes here about whether small businesses will be able to survive.Categories: Economy.
Tags: CARES Act , COVID-19