Displaying items by tag: SBA

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 leaders accountable for the promises they made about the PPP program.

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We have received an absolute torrent of attention today. Website traffic has jumped 50x since Friday and we are currently getting 6 complete surveys per minute. As of 2:30 PM we have about 5,000 businesses reporting around $2.5 bn PPP loan applications across all 50 states.

The overall picture is improving slowly, with 2.7% of companies saying they have received a PPP loan disbursement (i.e. actually deposited).

Data from Successful Applicants:
• Percentage of companies successfully receiving a PPP loan: 2.7%
• Average days from application to receipt: 5.9 days
• Median PPP loan size: $153,000
• Median employees: 18

Trends:
• The average timeline of a successful application is rising (as would be expected as time ticks on).
• The median loan size has shot up considerably, almost doubling to $153k since the last update.

Takeaways:

Overall, PPP loans are being paid, but the vast majority of applicants are still in the dark on their applications. Also, larger companies with larger payrolls and more employees seem to be getting receiving more of the early money. That said, there is a significant minority of smaller businesses receiving it too. Keep up the hope!

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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!

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!

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

Trends:

• 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”

https://www.covidloantracker.com/

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

So one of the most inspiring things about COVID Loan Tracker are the emails we are getting from fellow small business owners telling their stories and sharing insights. This one we actually found through a connection on FB and wanted to share it here more widely. Below is a quote from a small business owner who had an in-depth conversation with an experienced SBA worker. EIDL Advances have been even more of a disaster than PPP loans, but less talked about. These loans were promised to be delivered in three days by the SBA and it has now been nearing two weeks with almost no money (only 4 businesses out of 2117 reporting), and businesses are dying as a result. And not only is the money late, but it is in significantly smaller amounts than anticipated.

“I called the SBA and I actually talked to someone who has been with them for a long time and knew what he was talking about.  He explained to me why had the hard pulls in my credit.  I was one of the original ones who sent everything in with the 2000 (application) number.  As soon as that was received they pulled.   Then when we had to reapply they automatically pulled again.  I was told one one of many calls in that I should apply yet again which was the 3rd pull on my credit.  He was able to look up my application. The one in the 3300 and saw that it was pending inqueue and I should hear something by Monday.  He also said that there is so many duplicates that they have to go through them to make sure they are duplicates and that is slowing them down.  Also he told m ethat they are capping loans at 15,000.00 plus the grant of 10,000.00 for a total. Of $25,000.00, if you meet the requirements of the max 15,000.00 some will be lower.  You do get $1000.00 per employee for the grant.  He said they had to throw the "up to 2 million" out the window when they received millions of applications.   He said they are working 24 hrs aday to get these done.   I hope this info helps!"

PLEASE fill out COVID Loan Tracker and share 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.

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

SPREAD THE WORD!

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:

1. More Money is Flowing: There was a big pickup in PPP loan disbursement on April 10^th, this should give small business owners some hope!
2. Small Banks are Leading the Charge: all but one of the PPP loan recipients we have tracked applied through a small and regional bank
3. 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.
4. 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: