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Over 45,000 PPP Loans Approved in Iowa in 2021

Archived Industry News:Over 45,000 PPP Loans Approved in Iowa in 2021

Last Updated: 2/22/2021 10:51 AM

Over 45,000 PPP Loans Approved in Iowa in 2021

More than 45,000 Paycheck Protection Program loans totaling $1.56 billion have been approved in Iowa during the second round of the U.S. Small Business Administration's program, according to updated PPP data released this week. Nationally, 1.67 million loans have been approved, totaling nearly $126 billion.

During remarks at the American Bankers Association’s virtual Conference for Community Bankers, Federal Reserve Board Governor Michelle Bowman called PPP the “backbone of our economic recovery” and praised community banks for their response to the COVID-19 pandemic. Community banks are once again stepping up during the second round as 79.4% of all lenders are banks with less than $10 billion in assets. Banks of all sizes account for 81.6% of all lenders.

In related news, the SBA released a notice addressing SAM.gov registration for PPP lenders. As recipients of federal loan guarantees, all 7(a) lenders — including those participating in the 2021 round of the PPP — must register on SAM.gov and keep their registration active. The SBA said PPP lenders will have 30 days from the date of their first PPP loan disbursement in the second round to complete SAM registration.

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