In a summary of all loans approved by the program through June 30, the Small Business Administration revealed that the Payroll Protection Program had spent $521 billion on almost 5 million loans provided by 5,461 lenders. More than 229,000 companies in the manufacturing sector received loans through the program for a total of $54 billion, or 10.36% of the total amount spent to date.
The information was published July 6 by the Treasury Department and broke down dollars spent through the PPP by lender size, amount of money in the loan, and industry. About two-thirds of all loans spent under the program were loans of under $50,000, and 86.5% of loans issued were for less than $150,000.
A plurality of the money spent went towards loans of between $350,000 and a million dollars: loans of that amount used 21.8% of the money apportioned to the PPP. According to the summary, the average loan was for about $107,000.
In terms of jobs supported, the SBA said it had supported 51.1 million jobs and as much as 84% of all employees employed by small businesses. On a state-by-state basis, California reported the most jobs helped with 6.5 million jobs benefiting, followed by Texas (4.5 million) and Florida (3.2 million). The SBA also reported that between 72 to 96% of estimated small business payroll was covered by PPP loans. The report additionally notes that $131 billion in funding remains for money allocated to the PPP. The first version of the PPP was started by the CARES Act, passed towards the end of March: Congress has since voted to extend the program twice, and it’s currently set to expire August 8.