Since the Paycheck Protection Program reopened last month for the third round, Oklahoma banks have made the majority of more than 27,000 loans worth more than $1.3 billion in the state thus far.
These numbers represent the 8th and 18th most, respectively, among all the states.Nationally, 891,044 loans have been made to date in round three, totaling nearly $73 billion, with the average loan size being around $82,000, according to a report released by the Small Business Administration. A total of 4,077 banks – 81% of all banks – were participating in the 2021 program at the time the report was issued, making 86.6% of loans and lending 93% of PPP dollars.
Since the start of the program, $596 billion has been approved for 6.04 million loans from 5,460 lenders, according to the report.
67.9% of all loans made so far were amounts under $50,000, and 78.9% of loans have gone to firms with 10 employees or less.
Overall, the average loan size was $82,000. About half of the funds allocated so far have gone to four sectors: accommodation and food services; professional, scientific and technical services; the construction sector; and manufacturing.
You can visit the front page of OBA.com to download the full SBA report.