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.
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We have been live just 56 hours and as of 8:00 am on April 11th nearly 2,000 businesses have reported about $1bn in loan applications. So far, 19 have reported receiving PPP loans and just 2 have reported receiving EIDL advances.
Here are some trends and macro data:
- More Money is Flowing: There was a big pickup in PPP loan disbursement on April 10th, this should give small business owners some hope!
- Small Banks are Leading the Charge: all but one of the PPP loan recipients we have tracked applied through a small and regional bank
- EIDL Advances are a Disaster: only 4 out of almost 2,000 have received the advance/grant, and the ones that did applied earlier and waited an average of over 19 days. The SBA promised these would be delivered in two days.
- Companies Seem to be Getting the Full Amount Applied For: it is very early to draw any conclusions, but thus far all but one company has gotten 100% of the amount they applied for.
Data on the Companies Who Have Received PPP Loans:
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