Latest PPP round approves more than $6.5 million in loans for Virginia small businesses, applications still open

Business

A $100 bill with the picture of Ben Franklin (Nexstar, file)

VIRGINIA (WAVY) — The Small Business Administration (SBA) recently released data summarizing Paycheck Protection Program (PPP) loan approvals made through Jan. 24, 2021.

The PPP is an SBA loan that helps businesses keep their workforce employed during the pandemic.

The SBA re-opened the PPP on Jan. 11 with $284 billion appropriated through the Economic Aid Act. In Virginia so far, this round of funding has approved 6,834 PPP loans valued at over $6.5 million.

The loans are still available to apply for with a deadline of March 31, 2021, or until appropriated funding runs out.

A statement released by the SBA says that nationally, more than 400,000 loans valued at more than $35 billion have been approved so far this round. Overall, the average loan size is $87,000.

“With about four of five PPP loans under $100,000 in this round, it’s clear we’re having early success in targeting smaller businesses as we intended,” SBA Mid-Atlantic Acting Regional Administrator John Fleming said.

“Local SBA staff, lenders and partners are working together to connect small and micro businesses with the funding they need to recover and confidently move their business forward.”

The full Jan. 24, 2021, PPP Report includes national information on lender types, loan sizes, industries, and borrower demographics.

The SBA provides access to community financial institutions (CFIs) specializing in helping underserved communities such as minority, women, and veteran-owned small businesses.

“SBA Virginia-Richmond District Office is very proud that the smaller businesses are receiving the funds they need to survive and potentially grow when the pandemic is under control.  Thank you to the lenders and support organizations that are helping small businesses through this process. It is deeply appreciated how everyone is working as a team to help those most in need,” said District Director Carl Knoblock.

Find updated PPP information here. Information about all SBA coronavirus relief funding is available here.

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