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!