Top Highlights of the American Rescue Plan signed into law March 11 by President Biden. The law provides more assistance for the existing COVID-19 economic aid programs the SBA is administering and provides new programs for the hardest hit entities. The SBA will immediately begin work on new programs in the Act and launch them as quickly possible to deliver the intended economic assistance. Supporting all small businesses across the nation that continue to struggle in the wake of the COVID-19 pandemic with fair and equitable relief is the cornerstone of this landmark legislation. PPP dollars are assisting the smallest of small businesses, a key priority of the Biden-Harris Administration Top Industries Receiving PPP Approvals
  • Accommodation & Food Service (NAICS Code 72) tops the list with 17% of all 2021 PPP loans approved, followed by
  • Construction (13%)
  • Professional, Scientific & Technical Services (11%)
  • Health & Social Assistance (11%)
  • Manufacturing (9%)
  • More than 2.5 million PPP loans totaling more than $168 billion have been approved in the 2021 PPP funding round
  • 85% of the PPP loans in the 2021 funding round are for less than $100,000
  • 92% of PPP loans in the 2021 funding round have gone to businesses with 20 employees or fewer
  • Approx. 39% of PPP loans have completed the forgiveness process and across all loan sizes, over 99% of loan value has been forgiven
  • 74.8% of 2021 PPP loans are for $50,000 or less. This is the highest percentage of PPP loans right now and an increase in count share of 1.3% since last week.
  • Over 91% of 2021 PPP loans are for $150,000 or under.
  If you are small business owner the time to act is NOW!