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Companies and nonprofits in Arkansas received a combined $3.3 billion in loans through the federal Paycheck Protection Program, and the average loan was $78,246, federal government sources said this week.
The U.S. Treasury Department on Monday identified about 650,000 mostly small businesses and nonprofits that received taxpayer money through the program, designed to soften job losses from the coronavirus. The data covers the program’s original expiration date, June 30. But on Saturday, the president signed a bill to extend the application deadline to Aug. 8.
Arkansas Loans: Get the list of Arkansas PPP loans of $150,000 and above (Excel).
In all, the program issued more than 4.8 million loans worth a combined $521.5 billion through June 30, and $131.9 billion remains in the program. More than $230.9 billion went to entities with less than $10 billion in assets, according to a summary of the program by the Treasury Department.
The treasury said the average loan size was $107,000, and 86.5% of all loans were for less than $150,000.
Banks made up most of the program’s 5,461 lenders, with 4,273 providing loans. Credit unions provided 934 loans. Other lenders included small business lending companies, fintechs, savings and loans and farm credit lenders. Of all lenders, 850 were SBA 7(a) lenders in the previous year, the treasury said.
According to the Arkansas Small Business Administration District Offfice, Arkansas entities took out 42,427 loans. The loans covered about 375,741 jobs, and the state’s PPP loan approval rate was 78%.
The government released full details on loans greater than $150,000. It provided limited information on loans below that threshold, witholding the names of recipients. That secrecy spurred a lawsuit by news organizations including The Associated Press.
The PPP provides loans of up to $10 million for small businesses to help them recover from the government-ordered shutdowns and revenue losses caused by the virus. The loans can be forgiven if businesses mostly use the money to continue paying workers.
(The Associated Press contributed to this story.)