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ABA: The American Bankers Association
Statement

ABA Statement on Latest PPP Changes

“ABA shares the Biden administration’s laudable goal of making sure the Paycheck Protection Program reaches as many struggling small businesses as possible. Since the start of the pandemic, banks of all sizes have stepped up to provide more than 87% of all PPP loans, reaching more than 4.6 million small businesses and supporting more than 48 million jobs. More than 86% of PPP loans made by banks in 2020 were for less than $150,000, with an average loan size of $108,235. In the current round alone, 81% of PPP loans have gone to businesses with fewer than 10 employees.

"Our members in every state are prepared to implement the temporary PPP changes announced today by SBA, just as they have adjusted to the myriad of previous PPP changes over the past year. We remain hopeful that as this program enters its final weeks, SBA will work with lenders in addressing the many administrative issues that are still hindering some small businesses from fully utilizing the program. Clear and transparent guidance on exactly which businesses are eligible for PPP loans during the upcoming restricted access period is absolutely essential."

Note: Next week ABA will launch a national radio advertising campaign encouraging eligible small businesses that still need help to reach out to banks in their area to apply for a PPP loan. In select markets, the ads will air in English and Spanish.

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $21.9 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $17 trillion in deposits and extend nearly $11 trillion in loans.

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