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07-30-2021, 03:43 PM #1
- Join Date
- Mar 2014
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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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