The Small Business Administration released a report on the impact of loans from the Paycheck Protection Program. The report found that over 4.8 million loans were given out, amounting to over $521 billion. The average loan size was $107,000 and 86.5% of all loans were less than $150,000.
The PPP supported 51.1 million jobs across the country, accounting for as much as 84% of all small business employees. Among all 50 states, Florida and Hawaii led the way with 96% of their small business payroll covered by PPP loans.
Source: Small Business Administration, July 2020