According to the Small Business Administration, 18,435 small business loans, worth over $4.15 billion, have been approved for Connecticut businesses under the Paycheck Protection Program as of April 16.
The PPP was established by the federal Coronavirus Aid Relief & Economic Security (CARES) Act, the $2 trillion economic relief package passed by Congress last month. Although the $349 billion PPP officially ran out of money on April 16, congressional leaders and other federal officials have expressed confidence that another $370 billion is forthcoming, with Senate approval coming possibly as early as today, followed by a House vote on Wednesday.
Within the Northeast, only Massachusetts received more from the PPP, with 46,937 loans worth nearly $10.4 billion being approved.
Nationally, California received the most aid ”“ 112,967 loans worth over $33.4 billion ”“ followed by Texas, with 134,737 loans valued at about $28.5 billion. New York totaled 81,075 loans, totaling over $20.3 billion.
All told, the SBA approved about 1.66 million loans, worth nearly $342.3 billion, across 4,975 lenders.
About 1.23 million loans, totaling over $58.3 billion, were for $150,000 and less, followed by 224,000 loans (about $50.9 billion) for $150,000-350,000; nearly 141,000 loans (about $80.6 billion) for $350,000-1 million; about 42,000 loans (nearly $57.2 billion) for $1 million-2 million; over 21,000 loans (over $64 billion) for $2 million-5 million; and about 4,400 loans (nearly $31 billion) for $5 million or more.
Overall, the average loan size was $206,000, the SBA said.
