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Kentucky: 6,145 PPP Loans for Over $442 Million Approved by SBA from Jan. 11-24

Release Date: 
Friday, January 29, 2021
Release Number: 
21-0129KY
Contact: 
michael.ashcraft@sba.gov

The U.S. Small Business Administration (SBA) recently released data summarizing the Paycheck Protection Program (PPP) loan approvals made through Jan. 24, 2021.

The SBA re-opened the PPP loan portal Jan. 11 with $284 billion appropriated through the Economic Aid Act. During this two-week period, 6,145 PPP loans valued at $442.4 million have been approved by the SBA in Kentucky.

In the SBA Southeast Region – which serves Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee – a total of over 53,000 PPP loans valued at more than $4.0 billion have been approved.

Nationally, more than 400,000 loans valued at more than $35 billion have been approved this round. Overall, the average loan size is $87,000. Accumulatively, all PPP loans approved in 2020 combined with this round total more than 5.5 million PPP loans totaling $557.8 billion.

“We’re encouraged to see the very high number of PPP loans that have been approved so far during this latest round of PPP in the Southeast Region. This much-needed financial assistance is intended to provide economic relief to small businesses and other eligible entities, particularly to businesses located in lower income areas and underserved communities,” said Janita R. Stewart, Acting Regional Administrator.

“SBA’s intention for this round of PPP is to assist entrepreneurs in areas that may not have had an opportunity to utilize the program during round one of PPP, as well as business owners who are prepared to apply for a second draw PPP loan to continue their recovery.”

The full Jan. 24, 2021 PPP Report includes national information on lender types, loan sizes, industries, and borrower demographics.

The data released in the report is a snapshot of the PPP loan portfolio as of Jan. 24, 2021. Any loan changes or cancellations made after this date will be not reflected in the report.

Approximately 4,500 lenders nationwide are participating in the PPP this round. PPP loans are made by lending institutions and then guaranteed by the SBA.

To best serve underserved communities – including minority-, women- and veteran-owned small businesses – the SBA has provided dedicated access to community financial institutions (CFIs) that specialize in serving these communities. At least $15 billion is set aside for PPP lending by CFIs which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs) and Microloan Intermediaries. The CFIs may be located (as well as all PPP lenders) by utilizing Lender Match.

While the PPP loan application expressly requests demographic information of borrowers so that the agency can better understand which small businesses are benefiting from PPP loans, the data reflects the information submitted by lenders to the SBA.

The SBA Kentucky District continues to work in close partnership with the local SBA Resource Partner Network and expand on multilingual access and outreach about the PPP.

Interested borrowers can attend PPP informational webinars presented by SBA Kentucky District staff and its resource partners, the Kentucky Small Business Development Center, SCORE Chapters and Women’s Business Center. Information on these events can be found on the SBA Kentucky District Office website.

The deadline to apply for a PPP loan is March 31, 2021 or until appropriated funding runs out.

Updated PPP information – including forms, guidance, resources, lender information and data– is at www.sba.gov/ppp. Information about all SBA coronavirus relief funding can be found at www.sba.gov/coronavirusrelief.