NEW JERSEY – The Small Business Administration (SBA) and the Treasury Department have released data outlining the 4.9 million small business loans made under the Paycheck Protection Program (PPP).
Officials reported 823 loans issued to Union businesses, totaling $28,266.718, an average of $34,346 per business, retaining 3,128 jobs.
Three-hundred-and-fifty Union businesses were listed as limited liability companies (LLCs), 219 as corporations, 132 sole proprietorships, 64 subchapter S corporations, 37 self-employed individuals, 27 independent contractors, 18 partnerships, 16 non-profit organizations, and 6 professional associations.
"Over the past months, the Union Chamber was able to help guide many of its business members to the right links and sources to secure the help they needed,” said Union Chamber of Commerce Executive Director James Masterson. “For some, the process was smooth. For others, not so much. In the end, we are grateful to our member banking institutions who stepped up and provided personalized attention and sound guidance. We remain available to help in any way we can."
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 last 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.
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.