The U.S. Small Business Administration said that aid provided through Congress’s CARES act dramatically increased its lending totals for the fiscal year, pushing them to all-time high levels.
SBA loans made through its traditional lending programs totaled $28 billion for fiscal 2020, which ended on Sept. 30. However, because of the CARES act, the Paycheck Protection Program provided an additional 5.2 million loans worth more than $525 billion, and the SBA’s Economic Injury Disaster Loan program provided another 3.6 million loans valued at $191 billion, as well as an additional 5.7 million EIDL advances worth $20 billion.
“SBA’s small but dedicated team of professionals punched far above its weight this year, building on last year’s lending numbers for traditional loans, while administering the largest and most consequential disaster response effort in modern history – all while overcoming unprecedented workforce disruptions,” said Jovita Carranza, administrator for the SBA.