Paycheck Protection Program Surpasses All Loans Made in the First Round of the Program
In Round Two of the Paycheck Protection Program (April 27 - May 1, 2020), the SBA has guaranteed 2,211,791 loans. For more information on Round Two loan activity, click here.
A message from SBA's Utah District Director Marla Trollan
We expected SBA's second round of PPP loans to be met with high demand and that's precisely what happened.
Today we announced that as of May 1, round two of the Paycheck Protection Program made 2.2 million loans totaling more than $175 billion nationally. This number surpasses the national number of loans made during the first round.
The average loan size is currently down to $79,000 compared to the first-round average of $206,000. See how round two stacks up against round one below.
PPP National Performance:
Round 1: 1.66 million loans for $342 billion total
Round 2: 2.2 million loans for $175 billion total (as of May 1)
PPP Utah Perfomance:
Round 1: 21,257 loans for $3,695,399,459
Round 2: 21,751 loans for $1,676,852,890 (as of May 1)
As the numbers for PPP round two continue to roll in and increase, we are encouraged because these numbers demonstrate that more and smaller businesses are now getting the assistance they need. In one week, round 2 of the PPP was able to help more than 2 million additional small businesses keep fighting through this pandemic. That will truly make a difference in these challenging times.
We realize that SBA can't construct effective plans to meet the needs of its customers without the benefit of input from those we support.
The team at SBA Utah will work to make data and other information about agency programs and activities available to customers and stakeholders. Greater transparency will help us achieve greater accountability, accessibility and responsiveness.
SBA Economic Injury Disaster Loans for Agricultural Businesses Impacted by COVID-19 Pandemic
U.S. Small Business Administration Administrator Jovita Carranza announced today that agricultural businesses are now eligible for SBA’s Economic Injury Disaster Loan (EIDL) and EIDL Advance programs. SBA’s EIDL portal will reopen today as a result of funding authorized by Congress through the Paycheck Protection Program and Healthcare Enhancement Act. The legislation, signed into law by the President one week ago, provided additional funding for farmers and ranchers and certain other agricultural businesses affected by the Coronavirus (COVID-19) pandemic.
“For more than 30 years, SBA has been prohibited by law from providing disaster assistance to agricultural businesses; however, as a result of the unprecedented legislation enacted by President Trump, American farmers, ranchers and other agricultural businesses will now have access to emergency working capital,” said Administrator Carranza. “These low-interest, long-term loans will help keep agricultural businesses viable while bringing stability to the nation’s vitally important food supply chains.”
"Utah’s locally grown and processed foods represent 15 percent of Utah’s entire economy. The livestock industry alone accounts for $1 billion in commerce," said SBA Utah District Director Marla Trollan. "To have access to the EIDL portal and the potential for funding is very good news."
Agricultural businesses include businesses engaged in the legal production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)). Eligible agricultural businesses must have 500 or fewer employees.
The SBA will begin accepting new EIDL applications on a limited basis only, in order to provide unprecedented relief to U.S. agricultural businesses. For agricultural businesses that submitted an EIDL loan application through the streamlined application portal prior to the legislative change, SBA will move forward and process these applications without the need for re-applying. All other EIDL loan applications that were submitted before the portal stopped accepting new applications on April 15 will be processed on a first-in, first-out basis.
For more information, please visit: www.sba.gov/Disaster.
Please check this link regularly for updates.
At this time, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. For agricultural businesses that submitted an EIDL application through the streamlined application portal prior to the legislative change, SBA will process these applications without the need for re-applying.
Eligible agricultural businesses may apply for the Loan Advance here.
To apply for a disaster loan unrelated to COVID-19, click here.