NEW JERSEY -- The SBA and the Treasury Department, this week released detailed loan-level data regarding the 4.9 million small business loans made under the Paycheck Protection Program (PPP). Overall, PPP made $521 billion in forgivable loans to businesses nationwide. The average loan size was approximately $100,000, demonstrating that the program is serving the smallest of businesses, according to Treasury Secretary Steve Mnuchin. 

“The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80% of all small business employees, who are the drivers of economic growth in our country,” Secretary Mnuchin said. “We are particularly pleased that 27% of the program’s reach in low and moderate income communities which is in proportion to percentage of population in these areas. 

The SBA released New Jersey-specific PPP loan data earlier this week. According to the SBA numbers, 125,688 PPP loans totaling nearly $4.5 billion ($4,463,997,130) were made in the Garden State and resulted in 531,360 jobs saved. 

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"Small businesses of all types and across all industries benefited from this unprecedented program," said Rohit Arora, CEO of Biz2Credit, an SBA-approved PPP lender, and one of the nation's leading experts in small business finance. "The state-specific numbers released by the government reinforce that PPP is working by keeping employees on payroll and sustaining of small businesses in New Jersey and across the country." 

The PPP was created by Congress to provide cash-flow assistance through 100% federally guaranteed loans to employers, which are forgivable if they maintain their payroll during this emergency. Congress recently extended the PPP lending deadline from June 30 to August 8. For additional information on small business relief options and to apply for a forgivable loan, click here