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The AAHAM Legislative Currents are hosted here.  In order to read them, you will need to be logged in.

Wednesday, April 15, 2020

Small Business Administration Paycheck Protection Program Loan Guidance Update

SBA and Treasury have posted new documents to their respective PPP websites. Information for lenders can always be found at www.sba.gov/paycheckprotection and www.treasury.gov/cares.

New Documents:

The Interim Final Rule announcing Additional Eligibility Criteria and Requirements for Certain Pledges of Loans for the Paycheck Protection Program. This information is being posted in advance of publication in the Federal Register. The official version will appear in the Federal Register. Click here to download.

Through April 13, 2020, the SBA has guaranteed 1,035,086 loans under the Paycheck Protection Program. For more information on loan activity, click here.

Statistics

The Small Business Administration has published its most detailed accounting yet of the $350 billion small business rescue that Congress created to fight mass layoffs.

The agency's new breakdown of the so-called Paycheck Protection Program shows which industries and regions will likely benefit the most from the loans. The report is a snapshot of the
$247.5 billion in loans approved as of Monday. Key takeaways include:

—    The average loan size was $239,152
—    About 70 percent of the total number of loans approved were for less than $150,000
—    More than 3,200 of the loans were for more than $5 million — a category that accounts for 9 percent of the total dollar amount approved
—    Construction businesses were the top industry recipient of approved Paycheck Protection Program loan dollars at about $34 billion
—    Texas businesses were approved for the biggest sum of loans compared to borrowers in other states — about $21.8 billion

The SBA said Tuesday afternoon that nearly 1.2 million applications were approved, totaling more than $268 billion.
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