Maryland businesses have been approved for $3.76 billion in loans from the federal government’s Paycheck Protection Program — more than double the total from just a few days ago.
Data from the Small Business Administration obtained by sister publication Boston Business Journal shows that as of Monday, the federal agency has approved 11,937 applications for businesses in Maryland seeking much-needed relief. Both the number of loans and total dollars are two and half times the levels from April 10, when data was last available. The latest data does not include information about specific banks.
Maryland’s share accounts for about 1% of the total $349 billion allocated by Congress to the program. The state ranks No. 32 among U.S. states and territories for the number of approved loans and No. 23 for dollars.
Nationally, the SBA has authorized more than 1 million loans, up from 724,000 on Saturday. From a money perspective, the dollars totaled $247.5 billion, up 34.5% from $184 billion a few days ago. As of Monday, the dollars represented about 71% of the total funding for the program.