New Jersey businesses received 114,570 Paycheck Protection Program loans in 2021, totaling $7,534,063,875 as of April 18, according to the U.S. Small Business Administration.
Since 2020, more than 9.87 million PPP loans have been doled out to small businesses nationwide to help ease the economic challenges caused by the COVID-19 pandemic. In all, more than $762.40 billion have been guaranteed.
Since the program reopened in January, 82.6% of all PPP loans are for $50,000 and under, and 9 in 10 loans are for $100,000 and less.
Accommodation and food service businesses account for 16% of loan recipients. Constriction businesses account for 13%; professional, scientific, and technical services account for 11%; health and social assistance businesses account for 11%, and manufacturing businesses account for 9% of all recipients.
As of April 14, the remaining appropriation of PPP funds was $44 billion.
