HARRISBURG — To ensure transparency of economic aid programs, the U.S. Small Business Administration (SBA) recently released data summarizing Paycheck Protection Program loan approvals made through Jan. 24.

The SBA re-opened the PPP Jan. 11 with $284 billion appropriated through the Economic Aid Act. So far in this round of funding, more than 15,000 PPP loans valued at more than $1.58 billion have been approved by the SBA in Pennsylvania.

Nationally, more than 400,000 loans valued at more than $35 billion have been approved this round. Overall, the average loan size is $87,000. Accumulatively, all PPP loans approved in 2020 combined with this round total more than 5.5 million PPP loans totaling $557.8 billion.

“With about four of five PPP loans under $100,000 in this round, it’s clear we’re having early success in targeting smaller businesses as we intended,” SBA Mid-Atlantic Acting Regional Administrator John Fleming said. “Local SBA staff, lenders and partners are working together to connect small and micro businesses with the funding they need to recover and confidently move their business forward.”

PPP loans are made by lending institutions and then guaranteed by the SBA.

“The PPP is off to another great start helping our nation’s economy,” said SBA Eastern Pennsylvania District Director Steve Dixel. “We’re definitely seeing demand from borrowers and have a significant numbers of lenders participating in the program. In Pennsylvania we’ve seen over 500 lenders and community financial institutions participating in the PPP Program. These exceptional results demonstrate the strong relationships SBA enjoys with our lending partners.”

The deadline to apply for a PPP loan is March 31 or until appropriated funding runs out.