Puerto Rico’s small and midsize businesses saw a boost in approvals for the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) loans under the federal government’s coronavirus aid program.
As of May 1, during the second round of funding, the SBA reported that 19,961 small businesses in Puerto Rico had been approved for the PPP forgivable loans, to a total amount of $987.68 million. The average loan amount was $50,158.
By contrast, only 2,856 small businesses on the island had received approvals in the first round of funding, for a total of $658.57 million. The average loan amount was $230,593.
The numbers show that more small businesses have benefited, which was the aim of the federal program.
In total, 22,547 businesses, representing more than half of small and midsize businesses on the island, have benefited from the PPP funds. The total granted for Puerto Rico business is $1.65 billion.
The Paycheck Protection Program is providing critical support to millions of small businesses and tens of millions of hardworking Americans,” said SBA Administrator Jovita Carranza and U.S. Secretary of the Treasury Steven T. Mnuchin in a joint statement.
“Since Round 2 of PPP loan processing began on April 27, 2.2 million loans [nationwide] have been made to small businesses which surpasses the number of all loans made in PPP Round 1. The total value of these 2.2 million loans is over $175 billion. Notably, the average loan size in Round 2 is $79,000, yet another indicator that the program is broadly based and assisting the smallest of small businesses,” they said.