June 23, 2021
C-Suite Wednesday- How’s SBA Doing? Here’s the Stats
In anticipation of Coleman’s latest Top 10 Newsletter, here are the top 5 things you need to know about SBA lending.
Restaurant Revitalization Fund- Currently Halted
• With over 362,000 loan applications and limited funds available, SBA will require more finances for the RRF.
• In response, members of the House and Senate have introduced the Restaurant Revitalization Fund Replenishment Act of 2021. This act intends to replenish the RRF with an additional $60 billion.
Shuttered Venue Operators Grant
• There have been 14,416 applications submitted in total.
• 7,118 of the applications are in the submitted stage.
• 5,853 applications are being reviewed.
• 1,445 have received their grant.
• $833.4 million has been awarded to date.
• A majority of businesses that received their grant have ten employees or fewer.
7(a) & 504 Loans
• In the Fiscal Year 2021, SBA has approved more than $18.2 billion in 7(a) loans, and they have approved 29,420 7(a) loans.
• Compared to the last five fiscal years to date, the SBA has awarded a greater sum of money while approving a smaller number of loans.
• The SBA has approved 6,436 504 loans worth over $5.3 billion.
• The amount of 504 loans approved and the amount awarded are ahead of the last five fiscal years to date.
PPP Forgiveness- Round 1 PPP Loans
• The total 2020 PPP volume was 5.2 million loans worth $521.2 billion.
• 3.3 million loans have been forgiven totaling $279.4 billion.
• There are 145,000 PPP loan forgiveness applications under review amounting to $81.5 billion.
PPP Purchase Demand Kit
• The Purchase Demand Kit for PPP loans is being worked on by the SBA. It is expected to be released by the end of July.
To read the full Coleman’s Top Ten Newsletter, you can purchase an annual subscription to the monthly newsletters here.
Source: SVOG Report