New Jersey small businesses nabbed 33,519 of the 1.6 million loans nationwide through the Paycheck Protection Program created by the federal COVID-19 stimulus relief bill.
Of the $342.3 billion net in loans approved by the U.S. Small Business Administration, $9.5 billion was approved for New Jersey businesses, barely cracking the top 10 for states that received the most relief.
California received more than three times New Jersey with $33.4 billion in 112,967 loans. Texas received $28.5 billion in 134,737 loans. And New Jersey’s border states received $20.3 billion (New York), $15.7 billion (Pennsylvania), and $1.1 billion (Delaware).
The average approved loan nationally was $206,000, the SBA reported. Loans of up to $10 million were approved, based on two-and-a-half times a business’s monthly payroll costs.
“The agency approved more than 1.6 million loans in less than two weeks … and specific, detailed data for each loan guaranteed is not available right now,” said SBA Atlantic Regional Communications Director Matthew Coleman when asked for more specific information on the doled out loans.
A breakdown of the national data found construction to be the industry with the highest payout of $44.9 billion, or 13.12 percent of the money, through 177,905 loans.
Professional, scientific and technical services was next, receiving 12.65 percent of the money, or $43.9 billion, though 208,360 loans. Manufacturing received 108,863 loans worth $40.9 billion, 11.96 percent of the overall money.
According to Coleman, the SBA intends to post individual loan data in accordance with the information presently on the SBA.gov website after the loan process has been completed.