One of the big questions in the small business world right now is “where is my PPP loan”. The SBA announced last week that the program had run out of money. Yet, the large majority of small business report that they have not received funds, even those that have been “approved”.
COVID Loan Tracker was founded for exactly this purpose—to find out when money from the PPP program actually starts flowing. The SBA says around 1.7m loans were approved, accounting for only 6.6% of the 30,000,000 small businesses in the country. Yet of the $349 bn “approved”, only about 7% of companies say they have received any funds.
PLEASE HELP SMALL BUSINESS OWNERS BY FILLING OUT THE FORM
As of 7:00 am this morning here is our data on actual disbursements:
Total Applied: 13,428 companies
Total received money: 941 companies
Percent receiving money: 6.97%
Total Dollars received: $320,000,000
Median Employees per successful applicant: 15
Median Loan size: $320,000
Median Length to receive loan: 9 days
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.
HELP US KEEP THE DATA FLOWING