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    Lightbulb SBA - July 28, 2021 | Release Number 21-58

    SBA Announces Opening of Paycheck Protection Program Direct Forgiveness Portal
    New portal will streamline applications for loans $150K or less for over 6.5 million businesses


    https://www.sba.gov/article/2021/jul...iveness-portal


    Interesting Info for the MCA Industry
    In 2021:

    • SBA approved over 6.5M loans totaling over $275B
    • The average loan size was ~$42 thousand (compared to $101 thousand in 2020)
    • 96% of loans went to businesses with fewer than 20 employees (compared to just 87% in 2020.)
    • 32% of loans went to businesses in LMI communities (compared to just 24% in 2020)
    Last edited by Yankeeman07; 08-01-2021 at 01:12 PM. Reason: Updated Info
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

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