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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!

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, a site launched on April 8th to help small business owners track the progress of PPP and EIDL advance applications, has received a surge of responses. 1,100 American small business owners have given us details of their applications.

If you have not already, please fill out the survey here.

https://www.covidloantracker.com/

The aim of COVID Loan Tracker is to let small business owners know when PPP loans really start flowing, and to empower journalists with the data they need to help keep the government accountable.

So far, just six companies out of 1,100 report receiving PPP Loans. Their details are below.

1. LLC, Colorado, 155 employees, applied 4/5, received 4/7, received $1.6m, applied through small/regional bank, received 100% requested
2. S-Corp, Oklahoma, 1 employee, applied 4/2, received 4/9, received $20,700, applied through small/regional bank, received 100% requested
3. LLC, Texas, 38 employees, applied 4/3, received 4/9, received $244,000, applied through small/regional bank, received 100% requested
4. LLC, Utah, 2 employees, applied 4/3, received 4/9, received $7,200, applied through small/regional bank, received 24% requested
5. S-Corp, Arkansas, applied 4/3, received 4/9, received $49,900, applied through small/regional bank, received 100% requested
6. C-Corp, Michigan, applied 4/3, received 4/8, received $250,000, applied through small/regional bank, received 100% requested

Average time between application and payment is 5.3 days.

General Data:

0.5% report receiving PPP Loans
>0.3% report receiving EIDL advances
15,000 employees reportedly at risk from responding companies
36% LLCs
31% S-corps
84% applied for >$250,000
12% for between $250,000 and $1,000,000
4% applied for $1m or more
49% applied through small/regional banks
17% applied through JP Morgan Chase

Special ask: please help us filling out the survey about your application by sharing COVID Loan Tracker with your business network.

As many of you know, we started a site called COVID Loan Tracker yesterday to help small business owners track applications and loan issuance so they can know when money starts to flow.

FINSUM readers gave an enormous response with over 200 small business owners in our space filling out the survey. Overall , as of 7:30 am we have had 440 small businesses report on CTL in the first 18 hours, representing up to $650,000,000 in loan applications across 47 states. Below are the findings:

0% have received PPP loans (i.e. money actually deposited)

0% have received EDL grants (i.e. money actually deposited)

39% are LLCs

28% are S-corporations

Average PPP loan request: $427,000

Average employees per application: 14

96% of applications are for less than $50,000

18% applied for more than $250,000

2% applied for $1m or more

49% applied through small and/or regional banks

16% applied through JP Morgan Chase

The conclusion is that money is clearly not flowing yet (at least at any meaningful level). Please share CTL with your networks so we can aggregate more data to keep small business owners informed and empower the media with data to keep the government accountable.

Dear readers, like you we are concerned for the longevity of small businesses across the country and are eager to receive the Payment Protection Program (PPP) loans and EIDL grants that hundreds of thousands of small business owners have applied for across the US. Seemingly everyone who has applied is frustrated and confused because of all the issues that the SBA, lenders, and the government are having in issuing the loans. We know thousands of financial advisors are also small business owners and have applied for these loans. Because of this, we have started a site – covidloantracker.com – to track the application and issuance of PPP and other loans. This will help business owners understand when and how many loans are actually being paid and will hold media and the government accountable to provide the aid they have promised. Our aim to is to share this site with as many small business owners as possible and then share results with the media on a daily basis as a way to track what percentage of applicants have received their loans.

Please visit covidloantracker.com and fill out the 60 second form.