Building companies achieve highest share of paycheck safety loans

Building firms have thus far acquired essentially the most cash authorized by the federal authorities’s Paycheck Safety Program, designed to assist small companies pay workers throughout the coronavirus pandemic.

The development sector has captured 13.1 % of the forgivable loans which have been authorized beneath the PPP, for a complete of about $44.9 billion by way of April 16, in accordance with the U.S. Small Enterprise Administration.

This system stopped taking functions April 16, reporting it has run out of funds. This system started with $349 billion. As of April 16, the SBA stories it has authorized $342.3 billion in loans from greater than 1.6 million functions. The common mortgage dimension is $206,000, the SBA says.

The SBA and treasury secretary are urging Congress to approve extra funding.

“The SBA has processed greater than 14 years’ value of loans in lower than 14 days,” says a press release from the SBA and the Treasury Secretary. “The Paycheck Safety Program is saving thousands and thousands of jobs and serving to America’s small companies make it by way of this difficult time.”

Right here’s a breakdown of the mortgage approvals, in accordance with April 16 information from the SBA:

SBA PPP loan approvals

Credit score: U.S. Small Enterprise Administration, as of April 16