SBA achieves historic small business lending for fiscal year 2020

WASHINGTON – The U.S. Small Business Administration announced fiscal year 2020 summary loan data of the financial assistance provided through traditional loan program lending as well as aid provided via the CARES Act.Loans guaranteed through traditional SBA lending programs exceeded $28 billion; however, enactment of the CARES Act dramatically increased loan volume guaranteed by the agency: In fiscal year 2020, the Paycheck Protection Program provided an additional 5.2 million loans worth more than $525 billion; the agency’s Economic Injury Disaster Loan Program added another 3.6 million small business loans valued at $191 billion, as well as an additional 5.7 million EIDL Advances worth $20 billion.“In response to the unprecedented challenges faced by small businesses this y
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