The results of the first $342 billion appropriation for the Payroll Protection Program was released by the Small Business Administration today.
“With the vast majority of Louisiana banks never having been SBA lenders and learning and executing the PPP program simultaneously, the SBA data shows Louisiana bankers equaling, and in some cases exceeding, other states of similar or even larger population than Louisiana," said LBA Chief Executive Officer Robert Taylor.
Louisiana bankers granted 26,635 PPP loans for a total of $5.1 billion. That money is directly benefiting the employees of Louisiana small businesses.
Also of note, the SBA data indicates 74% of all PPP loans are for $150,000 or less. And, 60% of all loans approved are by community banks.
The PPP already has run out of money. Federal officials say they are working to allocate more money to the program.
The LBA supports Congress appropriating additional funds for PPP as many small businesses are waiting to have their applications processed.