New Jersey — PPP Loan Data
302,429 approved loans · $25.59B total · 93.1% forgiven
New Jersey ranked among the states receiving PPP assistance during the COVID-19 pandemic. In total, the SBA approved 302,429 loans totaling $25.59B to businesses and organizations across the state. The average loan size was $84,617.
Of all approved loans, 281,510 — or 93.1% — received SBA forgiveness totaling $24.71B. Forgiveness means the borrower was not required to repay that portion, having met the program's requirements for maintaining payroll and using funds for qualified expenses such as rent, utilities, and mortgage interest.
Among the largest recipients in New Jersey were ON TARGET STAFFING, LLC ($10,000,000), DIVERSANT LLC ($10,000,000), and HEALTHCARE STAFFING & CONSULTING SERVICES, LLC ($10,000,000).
Borrowers in New Jersey reported retaining 2,756,230 jobs through the program, though job counts are self-reported and were not independently verified at the time of application. The state's businesses spanned a wide range of industries, from construction and hospitality to professional services and health care.
The most active industry in New Jersey by loan count was Accommodation and Food Services with 15,577 loans totaling $1.47B. This was followed by Personal Care Services (13,221 loans).
The most active lender in New Jersey was TD BANK, which originated 35,991 loans worth $3.16B. The top 10 lenders collectively handled a significant portion of the state's total loan volume, reflecting the role of large national banks as primary conduits for PPP funds.
Loans under $150,000 — which make up the majority of loan count — have borrower names withheld under FOIA Exemption 6. Only the approximately 0.0% of loans at or above that threshold have named recipients publicly disclosed.
Top Cities in New Jersey
| City | Loans | Total Approved | Forgiveness Rate |
|---|---|---|---|
| NEWARK | 9,431 | $677.3M | 82.8% |
| JERSEY CITY | 8,388 | $490.2M | 89.6% |
| LAKEWOOD | 5,424 | $410.6M | 96.5% |
| PATERSON | 4,649 | $264.4M | 85.0% |
| EDISON | 4,283 | $574.8M | 95.0% |
| ELIZABETH | 3,575 | $195.9M | 88.8% |
| CLIFTON | 3,523 | $318.6M | 93.2% |
| TRENTON | 3,522 | $255.8M | 80.6% |
| TOMS RIVER | 3,177 | $211.6M | 94.5% |
| CHERRY HILL | 3,150 | $345.5M | 96.1% |
| HACKENSACK | 2,962 | $313.0M | 93.1% |
| PRINCETON | 2,577 | $430.0M | 96.8% |
| EAST ORANGE | 2,426 | $85.6M | 79.2% |
| FORT LEE | 2,377 | $118.1M | 95.0% |
| WAYNE | 2,298 | $206.1M | 96.1% |
| UNION | 2,225 | $178.9M | 91.7% |
| HOBOKEN | 2,109 | $171.3M | 96.2% |
| PASSAIC | 2,084 | $110.8M | 90.7% |
| ENGLEWOOD | 2,073 | $189.3M | 93.1% |
| MORRISTOWN | 2,040 | $255.7M | 95.7% |
| IRVINGTON | 2,037 | $69.6M | 82.3% |
| MONTCLAIR | 2,029 | $120.7M | 95.6% |
| NORTH BERGEN | 2,007 | $143.3M | 89.8% |
| FREEHOLD | 1,985 | $162.2M | 96.1% |
| UNION CITY | 1,982 | $63.6M | 88.5% |
Top Industries
| Industry | Loans | Total |
|---|---|---|
| Accommodation and Food Services | 15,577 | $1.47B |
| Personal Care Services | 13,221 | $349.9M |
| Taxi and Limousine Service | 11,185 | $158.8M |
| Management, Scientific, and Technical Consulting Services | 9,397 | $599.3M |
| Residential Building Construction | 7,815 | $332.2M |
| Offices of Physicians | 7,812 | $875.9M |
| Offices of Other Health Practitioners | 7,375 | $379.2M |
| Other Personal Services | 7,196 | $252.2M |
| Legal Services | 7,179 | $702.4M |
| General Freight Trucking | 7,121 | $375.7M |
Top Lenders
| Lender | Loans | Total |
|---|---|---|
| TD BANK | 35,991 | $3.16B |
| BANK OF AMERICA | 22,777 | $1.81B |
| JPMORGAN CHASE BANK | 17,484 | $1.82B |
| CROSS RIVER BANK | 15,906 | $537.6M |
| PNC BANK | 15,365 | $1.94B |
| WELLS FARGO BANK | 10,739 | $521.3M |
| VALLEY NATIONAL BANK | 9,467 | $1.30B |
| KABBAGE | 9,155 | $179.2M |
| CUSTOMERS BANK | 9,020 | $329.4M |
| FULTON BANK | 8,675 | $1.13B |
Largest Named Recipients in New Jersey
Showing loans ≥ $150,000 with publicly disclosed borrower names.