Bank of America announced today that it has received Small Business Administration (SBA) loan approvals for 265,500 small businesses under the SBA’s Paycheck Protection Program (PPP). This represents $24.9 billion in needed relief for small businesses. More than 256,000 of these small businesses have received a loan number since the SBA reopened the PPP funding on April 27.
Of the SBA applications submitted to date:
98% are for companies with fewer than 100 employees. 76% are for companies with fewer than 10 employees. 93% are for less than $350,000. 78% are for less than $100,000. 23% are from low-to-moderate income (LMI) neighborhoods. The following link provides funding information by state: