Wisconsin Small Business Administration lenders have approved more than $7 billion in loans through the federal Paycheck Protection Program.
As of Monday, the U.S. Small Business Administration had approved 31,702 PPP applications submitted by Wisconsin-owned businesses for a total of $7,288,143,288, said Shirah Apple, Wisconsin SBA public affairs specialist.
Information on how many Wisconsin lenders have participated in the PPP program was not readily available.
Throughout the United States, 1,035,086 PPP loans have been processed for a total of $247,543,393,521. These applications were processed by 4,664 lenders across the country.
Wisconsin ranks 10th across the country for both volume and dollar amount of PPP loans processed, Apple said. The state accounts for 3% of both loans processed and loan value approved across the nation.
However, these numbers do not reflect amount of funds disbursed, nor do they indicate how many businesses have received funds – the Wisconsin SBA has not received data to show totals, Apple said.
Apple also noted that typically, the Wisconsin SBA processes approximately 1,500 loans in a year for an estimated $560 million in loans.
“We’ve done 25 times our loan volume in 10 days,” Apple said.
Approximately $100 billion remains out of the nearly $350 billion allocated to the PPP under the Coronavirus Aid, Relief and Economic Security (CARES) Act. More than two thirds of the fund has been depleted in the less than two-week period from when applications became available.
“As of Monday, there was $100 billion dollars left,” Apple said. “That’s how much money there is and we’ll just have to see if Congress appropriates more funds.”
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