SBA had historic year lending in Mass., exceeding $18B
Photo | Grant Welker
Valentinos, a cocktail bar in Worcester, has began serving patrons outside as some businesses returned to more normal operations this summer.
The U.S. Small Business Administration has awarded $14.3 billion in Paycheck Protection Loans to businesses in Massachusetts since the program was established, the agency announced in a Monday press release detailing the agency’s loan activity for fiscal year 2020.
That figure covers 118,384 loans, which the agency described as unprecedented.
In turn, the Economic Injury Disaster Loan program approved 59,915 loans totaling $3.49 billion, supporting working capital needs for businesses impacted by the coronavirus pandemic, according to the SBA press release.
The PPP was established by Congress as part of the $2-trillion Coronavirus Aid, Relief and Economic Security Act, known as the CARES Act, which was signed into law on March 27. The loans, which provide a degree of forgivability, have been lifelines for many businesses facing closures, furloughs and layoffs as a result of the pandemic.
The SBA’s work in-state has exceeded straightforward disaster relief, however, with the SBA reporting it approved 1,136 loans as part of its flagship 7(a) Loan Guaranty Program, totaling more than $284 million across Massachusetts. The 504 Loan Program, in turn, approved 270 loans totaling more than $161.53 million.
“Collectively, including 7(a), 504 and microloans, the SBA with the help of over 113 different lenders, supported capital to 1,561 small businesses for $448.6 million in Massachusetts,” said Robert Nelson, SBA Massachusetts district director, in a statement.
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