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.

PLEASE HELP US HELP SMALL BUSINESS OWNERS BY FILLING OUT THE FORM

As of 7am on April 13th, we have had around 3,000 companies report on their PPP loan applications from all 50 states, comprising about $1.5 bn of loan requests.

While the numbers are small so far—about 40 companies say they have received PPP loans—the early indications are positive in an important way: most are getting the full amount they applied for. So far, 91% of companies say they have received the entirety of what they applied for. Of those who did not receive the whole amount, only one received more than a 15% reduction from the amount they applied for (e.g. receiving $85,000 on a $100,000 application).

So what is the implication of that data? Firstly, it seems to mean that banks and the SBA are not arbitrarily reducing loans to spread the money around more evenly to a larger group of companies. On the one hand this is good news, but on the other it has a serous ramification: the money is likely to run out quickly and many companies may get nothing once the funds run dry.

PLEASE FILL OUT THE COVID LOAN TRACKER SURVEY SO WE CAN KEEP THE DATA COMING!