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SBA releases PPP loan review

BOISE, Idaho (KIFI)-The U.S. Small Business Administration reports it has approved $97 million in economic aid for Idaho businesses under the new Paycheck Protection Program.   The agency approved 1,179 loans through January 24.

In the Pacific Northwest Region, which includes Alaska, Idaho, Oregon, and Washington, the SBA has approved nearly 13,000 PPP loans valued at more than $1.5 billion.

“We’re encouraged to see approximately four out of five PPP loans this round are under $100,000, which indicates the intended, smaller businesses are benefiting from the PPP,” SBA Pacific Northwest Acting Regional Administrator Martin Golden said. “Local SBA staff, lenders and partners are committed to working together to connect small and micro businesses with the funding they need to recover and confidently move their business forward.”

Nationally, more than 400,000 loans valued at more than $35 billion have been approved this round.  The average loan size is $87,000 .  The largest number of approved loans are in the hospitality and construction industries.

You can view the full January 24 PPP Report here.

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