There were 9,295 PPP loans issued in New Jersey during the week ending May 3 and the average loan amount was between $150,000 and $350,000.
There are approximately five million approved PPP loans with a total of $517,451,965,102 set aside for funding, according to the Small Business Administration. The average loan size was around $105,000 with over 5,000 lenders currently participating in the program.
The program was slow to get off the ground when it was crushed by an onslaught of would-be applicants. Another major criticism of the program pertained to who was receiving the loans. A program that was meant for small businesses witnessed the Los Angeles Lakers receive $4.6 million from the program. The Lakers qualified for the program under the rules as written but returned the funds according to a Laker’s statement provided to news outlets.
| Apr 27 | Apr 28 | Apr 29 | Apr 30 | May 1 | May 2 | May 3 | |
|---|---|---|---|---|---|---|---|
| $5-10 million | 22 | 12 | 3 | 0 | 1 | 0 | 4 |
| $2-5 million | 67 | 44 | 10 | 23 | 10 | 2 | 46 |
| $1-2 million | 180 | 114 | 49 | 51 | 42 | 2 | 101 |
| $350,000-1 million | 597 | 593 | 259 | 244 | 251 | 28 | 688 |
| $150,000-350,000 | 937 | 1238 | 558 | 548 | 784 | 64 | 1723 |
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