4/17/2020 Here's final tally of SBA's PPP funding for D.C., Maryland, Virginia - Washington Business Journal https://www.bizjournals.com/washington/news/2020/04/17/we-have-the-final-tally-heres-how-much-ppp-funding.html?fbclid=IwAR3SjUIuIaOXGLdPVjyBD0my0d... 1/3 Please Sign In and use this article's on page print button to print this article. BANKING & FINANCIAL SERVICES We have the final tally. Here's how much PPP funding went to D.C., Va., Md. businesses. D.C., Maryland and Virginia businesses collectively received about 5% of the total loan dollars greenlit by the Small Business Administration through its wildly sought-after Paycheck Protection Program, which ran out of funds in fewer than two weeks after it debuted. Together, the three jurisdictions totaled about $16.5 billion in authorized PPP funds through Thursday, when the SBA stopped taking applications because it reached the program's limit. Of that, here's the breakdown, according to SBA data: By Vandana Sinha Editor-in-Chief, Washington Business Journal Apr 17, 2020, 3:24pm EDT Updated Apr 17, 2020, 3:52pm EDT ▪ D.C. businesses received 3,253 loans totaling $1.25 billion ▪ Maryland businesses received 26,068 loans totaling $6.54 billion 4/17/2020 Here's final tally of SBA's PPP funding for D.C., Maryland, Virginia - Washington Business Journal https://www.bizjournals.com/washington/news/2020/04/17/we-have-the-final-tally-heres-how-much-ppp-funding.html?fbclid=IwAR3SjUIuIaOXGLdPVjyBD0my0d... 2/3 Those final tallies are considerably higher than even Monday, when D.C., Virginia and Maryland businesses had been authorized for more than $11 billion in PPP funding. California topped the list of states for receiving the most funds from the program, $33.41 billion across 112,967 loans. That state was followed by Texas with $28.48 billion across 134,737 loans and New York with $20.35 billion across 81,075 loans. In all, nationwide, a total $342.28 billion worth of 1.66 million loans were approved through 4,975 lenders through Thursday with the biggest share of funding, at $44.91 billion or 13.12%, going to construction firms. Beyond that, these industries received the biggest portion of funds: Most of the loans nationwide — a total $80.63 billion worth — ranged between $350,000 and $1 million in amount. Those made up 24% of the money authorized. After that, 19% of the loans fell in the $2 million to $5 million range, while the slice of loans that fell under $150,000 and that were between $1 million and $2 million each stood at 17%. Banks were flooded with applications in the last two weeks from small businesses desperate for the federal aid. At M&T Bank (NYSE: MTB) alone, which was Greater Washington's third-largest SBA lender last year, 30,000 PPP applications gushed in across its national footprint. Of those, the bank said it will fund $6.4 billion worth of loans for 27,711 businesses nationally, affecting more than 621,000 employees. Across the D.C. region, per M&T Bank, it's funding 2,813 loans amounting to $593 million in funding for local businesses. Even as the SBA funds officially begin to flow into business bank accounts — they're structured as forgivable loans so long as a majority goes toward payroll expenses — members of Congress continued to debate whether, and how, to supplement the program's funding as advocated by small businesses and business advocates across the country. ▪ Virginia businesses received 40,371 loans totaling $8.72 billion ▪ Professional, scientific and technical services firms received $43.29 billion (12.65%) ▪ Manufacturing firms received $40.92 billion (11.96%) ▪ Health care and social assistance firms received $39.89 billion (11.65%) ▪ Accommodation and food services received $30.5 billion (8.91%) ▪ Retail trade received $29.42 billion (8.59%) 4/17/2020 Here's final tally of SBA's PPP funding for D.C., Maryland, Virginia - Washington Business Journal https://www.bizjournals.com/washington/news/2020/04/17/we-have-the-final-tally-heres-how-much-ppp-funding.html?fbclid=IwAR3SjUIuIaOXGLdPVjyBD0my0d... 3/3 © 2020 American City Business Journals. All rights reserved. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (updated 1/1/20) and Privacy Policy and Cookie Statement (updated 1/1/20). The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of American City Business Journals. Largest SBA Lenders in Greater D.C. Ranked by FY 2019 metro-area loan volume 1 Live Oak Banking Co. $49.42 million 2 Business Finance Group Inc. $40.18 million 3 M&T Bank $33.15 million Rank Lender FY 2019 Metro-Area Loan Volume View This List By Vandana Sinha Editor-in-Chief, Washington Business Journal Apr 17, 2020, 3:24pm EDT Updated Apr 17, 2020, 3:52pm EDT Back to Top User Agreement | Privacy Policy Your California Privacy Rights | Ad Choices