Insured depository institutions under $10 billion in assets have made more than half of 2021 first- and second-draw Paycheck Protection Program loans, according to SBA data.
The latest breakdown shows these institutions have approved more than 453,000 PPP loans worth $39.4 billion out of the total count of 891,044 loans worth $72.7 billion approved through Jan. 31.
Of the 2021 PPP loan total, nearly $68 billion has been approved for second-draw loans and nearly $4.8 billion for first-draw loans.
Additional PPP information and resources are available on the SBA and Treasury sites, ICBA's PPP and EIP News page, the Independent Bankers Association of Texas's matrix of PPP updates in the stimulus law, and ICBA's summary of the stimulus package's community banking provisions.
OriTrust's PPP Fast Application is a powerful bank developed tool that can help its members fast-track PPP lending and is very straightforward and simple to use. It helps with making sure the bank is collecting all the required information and with the ongoing monitoring of information to ensure each borrower obtains loan forgiveness.