SBA Achieves Historic Small Business Lending for Fiscal Year 2020
Carranza: Nearly nine million loans worth $750 billion stabilized small business sector and put it on the road to recovery
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 FY20, the Paycheck Protection Program (PPP) provided an additional 5.2 million loans worth more than $525 billion; the Agency’s Economic Injury Disaster Loan (EIDL) 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.
USVCC members, aﬃliates, and friends:
As we all closely monitor the spread of coronavirus (COVID-19) we want to ensure our members and community are informed, have access to the resources they need, and receive support and assistance to make it through this period with as little interruption as possible.
USVCC is a trusted veteran non-proﬁt organization that is included in the DoD's National Resource Directory. As such, we are able to refer members of our community to the resources for further information about healthcare and overall resilience during these diﬃcult times.
We’ve outlined information here along 3 of our 5 pillars: Wellness, Employment, and Business.
We would like to thank the Veteran’s Administration, the Wisconsin Veterans Chamber of Commerce (WVCC), the Small Business Administration (SBA), and Gartner Advisors as key sources of portions of the information shared here. For extended resources and information, the USVCC is listed in the National Resource Directory which has additional resources available at nrd.gov, as does Military Onesource at https://www.militaryonesource.mil/coronavirus.
Coronavirus Resource Center for Small Businesses