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Small Business Loan Approval Rates at Banks Fell Again in September 2020: Biz2Credit Small Business Lending Index™

October 06, 2020 / John Mooney
SHARESHARESHARE

Small business loan approval percentages at big banks ($10 billion+ in assets) dropped slightly from 13.6% in August to 13.5% in September, indicative of the struggles that small businesses are facing, according to the latest Biz2Credit Small Business Lending Index™ released today. The Biz2Credit Small Business Lending Index figures do not reflect approval of Paycheck Protection Program (PPP) loans approved by the SBA and the Treasury. PPP lending ended on August 8 after providing nearly 5 million companies with $531 billion in what was expected to be “forgivable loans.” However, thus far, few borrowers have received confirmation that their PPP loans won’t have to be paid back.