4/17/2020 Here's final tally of SBA's PPP funding for D.C., Maryland, Virginia - Washington Business Journal 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. By Vandana Sinha Editor-in-Chief, Washington Business Journal Apr 17, 2020, 3:24pm EDT Updated Apr 17, 2020, 3:52pm EDT 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: ▪ D.C. businesses received 3,253 loans totaling $1.25 billion ▪ Maryland businesses received 26,068 loans totaling $6.54 billion https://www.bizjournals.com/washington/news/2020/04/17/we-have-the-final-tally-heres-how-much-ppp-funding.html?fbclid=IwAR3SjUIuIaOXGLdPVjyBD0my0d… 1/3 4/17/2020 Here's final tally of SBA's PPP funding for D.C., Maryland, Virginia - Washington Business Journal ▪ Virginia businesses received 40,371 loans totaling $8.72 billion 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: ▪ 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%) 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. https://www.bizjournals.com/washington/news/2020/04/17/we-have-the-final-tally-heres-how-much-ppp-funding.html?fbclid=IwAR3SjUIuIaOXGLdPVjyBD0my0d… 2/3 4/17/2020 Here's final tally of SBA's PPP funding for D.C., Maryland, Virginia - Washington Business Journal Largest SBA Lenders in Greater D.C. Ranked by FY 2019 metro-area loan volume Rank Lender FY 2019 Metro-Area Loan Volume Live Oak Banking Co. $49.42 million 1 Business Finance Group Inc. $40.18 million 2 M&T Bank $33.15 million 3 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 © 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. https://www.bizjournals.com/washington/news/2020/04/17/we-have-the-final-tally-heres-how-much-ppp-funding.html?fbclid=IwAR3SjUIuIaOXGLdPVjyBD0my0d… 3/3
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