The current round of the Paycheck Protection Program is successfully reaching smaller borrowers, according to recent data from the SBA.
Details: The SBA said 94 percent of PPP loans in the latest round are less than $250,000, totaling 52 percent of loan volume. Further, 92 percent of PPP loans worth 50 percent of loan volume are going to businesses with 20 or fewer employees.
Community Banks: The data also show that banks and savings and loans under $50 billion in assets account for 60 percent of PPP lending in the current round.
ICBA Advocacy: ICBA supports bipartisan legislation to extend the PPP by allowing borrowers to apply for loans through May 31 and giving the SBA until June 30 to consider applications.
Grassroots Advocacy: Meanwhile, ICBA is calling on community bankers to urge their members of Congress to make needed changes to the PPP if it is extended to ensure applicants are not left stranded.