COVID Loan Tracker: a jump in PPP loan payouts. How many received it?
COVID Loan Tracker was started by small business owners Duncan and Rita MacDonald-Korth to help their fellow small business owners understand when PPP and EIDL advance money starts flowing. The site works by crowdsourcing knowledge on applications and loan disbursements. Our goal is to help the small business community and empower journalists with the data they need to keep the government accountable.
The applications continued to pour in overnight, and as of 10am on April 12th, here is the data on successful applicants:
• 2,130 companies reporting
• Around $1.2 bn of PPP loans reported
• 34 companies report having received PPP
• 85% are from small/regional banks
• Avg PPP Loan Received: $65,600
• Average processing time from application to disbursement: 5.6 days
• Median company size: 12.5 employees
• JP Morgan Chase should be applauded, it is the first big bank which seems to be getting PPP loans disbursed
• Small/regional banks continue to be the fastest in getting loans disbursed
• The SBA EIDL Advance program is a complete disaster so far. After promising delivery in 3 days, it has been around two weeks and only 4 out of 2,130 businesses report receiving it.
Data on applications:
• 35% LLC, 33% S-Corp
• 45.2% through small/regional banks
• Had pre-existing lending relationship with institution they applied through: 70.6%
• If you receive the PPP Loan, is it enough to keep you afloat: 45.7% say “No”
- EIDL grants
- PPP loans
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.